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Arriety, talk to brettc, rentcover does accidental.

Yes, I know. like insurance in case the tenant is injured due to an electrical fault. Unfortunately LL insurance doesn't cover accidental damage.

if it's an apartment, theoretically in case of fire strata insurance will pay. I have mortagee protection insurance to cover my mortgage in case strata does not pay. This does not however reimburse for loss of gain in equity ie if I bought at 200k and my mortgage is 180k but property is now...

For that matter, if you keep taking out these 'one-month' policies at the point of changeing tenants only, will an insurance company find a way to get out of paying you if needed? You need to put your 'lawyer' hat on for this. If you don't have one, perhaps someone on this forum can lend you...

In other words, you are uninsured the rest of the time? So how do you work it? You pay for a one-month contract of insurance? Not what I would choose to do, I am insured to the hilt. However, it's your choice.