Does home insurance provide coverage against damage caused by tenants?

A standard home insurance policy may provide you some coverage against accidental damage caused by tenants, but make sure to read the Product Disclosure Statement (PDS) for the exact details. It’s possible that your insurer doesn’t cover you for the period when your property is rented out to tenants, which means you might not be protected against any kind of tenant-related damage, whether accidental or malicious.

If you're a landlord worried about possible tenant damage to your property, you might find landlord insurance more suitable than regular home insurance. Landlord insurance is a specific product designed to cover the risks associated with a rental property. 

In addition to providing coverage for the typical risks included in a standard home insurance policy, landlord insurance offers extended coverage for various situations that are specific to rental properties. Depending on the policy you buy, this may include coverage against theft and malicious damage caused by tenants and their guests, as well as loss of rent due to tenant default.

Landlord insurance is a type of home insurance that covers risks related to rental properties, including tenant-related damage. Unlike a standard home and contents insurance policy that covers you in case of insured events, like flood, storm, and fire (including bushfire), landlord insurance typically provides three types of cover - building, contents, and business. Business, in this case, refers to your tenants, and it covers issues or damages your tenants might cause.

Landlord insurance is designed to cover risks specific to rental properties, such as loss of rent and malicious damage caused by tenants or their guests. It may also cover theft, vandalism, and accidental damage to the property itself. However, landlord insurance policies aren’t all the same. 

Before purchasing a policy, it may be a good idea to compare quotes from different insurers to find the best possible coverage for your needs. The premium you pay for your policy might also vary depending on your insurer and the level of coverage. So take your time reviewing what’s included in the policy to select one that meets your requirements and is also affordable.

When comparing insurance policies, remember to look out for any specific exclusions that limit coverage. For instance, landlord insurance policies don’t always provide coverage for unoccupied properties. If your property sits vacant for a prolonged period, you might need to consider supplementary coverage. 

Additionally, be attentive to extra conditions, like mandatory regular inspections that could impact your coverage. Most insurance policies are unlikely to provide compensation for damages due to general wear and tear or lack of proper maintenance. Consider talking to your insurance provider to find out what’s included in your policy.