Landlord/building insurance

[bobby85]

Hi guys,

I have a house in Lilyfield which I'm renewing the landlord insurance for.
I looked at EBM and they gave 2 options:

1. $345 Rent Ultra: basically tenant cover, rent, damages, liability
2. $1297: above + building insurance (fire, flood/storm, etc)

Do most of you get the more expensive option including building insurance?
I'm inclined to pay the extra in case the ceiling were to cave in on an unfortunate evening.

 

[Perp]

Usually landlord insurance is considered an "extra", but building insurance is the essential minimum. Unless you own the house outright, you're legally obliged to have building insurance. Even if you do own it outright, it's prudent. Would you really consider not having building insurance?

 

[bobby85]

Usually landlord insurance is considered an "extra", but building insurance is the essential minimum. Unless you own the house outright, you're legally obliged to have building insurance. Even if you do own it outright, it's prudent. Would you really consider not having building insurance?

I 'considered' it. I was crunching the numbers yesterday.
Works out it's not much extra given that it's tax deductible anyway.