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Monsoon if you have a tenant who decides not to pay rent and knows the rules around eviction, it can easily take 2-3 months to get them out. An evicted tenant isn't likely to clean up after themselves when they leave and I know from personal experience that the bond won't cover your costs...

Monsoon, I know where you're coming from. Claims on landlords insurance are rare and lost rental income is usually only for 2-3 months. The savings by not having insurance can cover this. What if the tenant trashes the property and it costs tens of thousands to repair? General insurance...

Obviously the house will need to have regular insurance. The body corporate should have building related insurance over the unit. I'd advise that you get landlords insurance for both properties. The body corporate won't insure things like carpet and fittings. Most landlords insurance...