money money money landlord insurance explained: rent loss, pet damage, strata gaps, making a claim + more
Jun 27, 2025
Carolyn Parrella, a specialist in landlord insurance from Terri Scheer Insurance, shares vital insights into safeguarding investment properties. She explains the importance of landlord insurance over standard building coverage, clarifying common misconceptions. Listeners learn about tenant-related risks, including pet damage and handling sensitive situations like tenant abandonment. Carolyn emphasizes the urgency of filing claims and the role property managers play. She also highlights the critical timing for acquiring coverage right after purchasing a property to avoid potential liabilities.
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Difference of Landlord Insurance
- Landlord insurance protects rental income and tenant-caused damage inside the property.
- Strata and building insurance cover weather events and common areas, not tenant risks.
Maintain Property to Avoid Claims
- Don’t assume standard insurance covers landlord risks or wear and tear.
- Maintain the property yourself, as wear and tear are not insurable events.
Landlord Insurance Limits
- Landlord insurance generally does not cover the building; that’s for strata or building insurance.
- Reading your policy ensures understanding what landlord insurance actually covers.