As a homeowner, your home is not only your haven, it’s one of the greatest assets that you own. Hence, protecting your home against the myriad of risks that owning a property can pose – from insured events like natural disasters and theft to liability claims – should be top of mind. 

Whether you’re a first-time homeowner or a seasoned veteran, these are the must-ask questions you should be considering about property protection: 

1. What’s the difference between home and landlord insurance? 
2. How much coverage do I need? 
3. What are the things I should be aware of? 
4. What preventative measures can I take to minimise risk on my property? 
5. How regularly should I check on my property? 
6. Am I aware of the laws and regulations that I need to adhere to?
7. Am I getting the best deal for my home insurance? 

1. What’s the Difference Between Home and Landlord Insurance?

Standard home insurance is designed to insure owner-occupied properties against common risks like fire, theft and other natural disasters. It generally covers the physical building structure and some personal belongings. If you’re an owner-occupier homeowner, this is something you should have, at a minimum. 

If you’re a homeowner and a landlord, landlord insurance goes the extra mile in protecting your rental property/ies from tenant-specific risks and other threats. It typically covers the physical building and landlord-owned contents. If you’ve got investment properties you’re renting out, landlord insurance is a must if you want to safeguard yourself against potential risks that are out of your control! 

2. How Much Coverage Do I Need?

For both home and landlord insurance, you should evaluate the level of coverage needed based on your specific property: what threats are specific to your neighbourhood? Is your home located prone to storms or flooding? Does the socio-economic status of the area your property is in have any implications for tenants paying rent? 

Ask yourself basic questions to identify what level of coverage your insurance requires. Then, look for policies that include these. 

If you’re unsure what’s covered, do some research on reputable websites to find out what home insurance covers. 

3. What Are the Things I Should Be Aware Of?

Now that you’ve identified your core needs, it’s important to compare insurance policies and understand which ones cover your basic requirements. 

For example, some insurance policies will cover damage from natural events like fire, smoke, lightning, storms and hail but exclude the damage caused by flooding. If you’re in an area that’s prone to water damage, this would be something you’d need to add-on to your coverage at an additional cost. 

Equally, it’s important to note what’s excluded from most home insurance policies. General wear and tear won’t be covered and your home will need to be properly maintained. 

4. What Preventative Measures Can I Take to Minimise Risk on My Property?

It’s not all doom and gloom though. As well as taking out adequate home and landlord insurance, there are measures you can take to ensure you’re pre-emptively and proactively minimising risk on your property. 

Maintaining upkeep on your property regularly can ensure that your home’s structure, roof, plumbing, electrical systems, and appliances are in good working order, reducing the need for regular repairs. This can also help prevent minor issues from escalating into major issues. 

Other preventative measures include ensuring that your property is fitted out with adequate security systems as well as safety systems – schedule routine fire alarm checks, make sure there’s an accessible fire extinguisher around and regularly inspect and clean gutters and drains. 

5. How Regularly Should I Check on My Property?

On the topic of regular upkeep, make sure you’re carrying out routine inspections every six months – particularly if you’re renting out your properties. This timeline also helps to keep tenants accountable and can improve the overall living conditions of your property. 

6. Am I Aware of the Laws and Regulations That I Need to Adhere To?

As a landlord, there are specific laws and regulations around tenancy that you’ll need to be aware of and ensure you’re compliant with. 

For example, landlords must provide a written tenancy agreement outlining the terms and conditions of the tenancy. This written agreement needs to include standard terms, as specified by the state/territory they’re in. 

There are also specific conditions around the amount of bond that can be charged (4-6 weeks rent) and how much notice needs to be given before a rental increase is legally allowed. There are also laws about the state of the property a landlord must uphold, termination of lease, how much notice landlords need to give for an inspection, and so on. Failure to comply could result in legal action. 

7. Am I Getting the Best Deal for My Home And/or Landlord Insurance?

Did you know that some insurers will offer discounts for a variety of reasons? If you’ve got other insurance with them (for example, life insurance), they’ll offer a multi-policy discount. 

Similarly, many insurers will reward homeowners who haven’t made a claim for a specified amount of time. There are also discounts for purchasing your insurance online, installing security systems, seniors or pensioners discounts, as well as good maintenance practices and higher excess discounts.