These days it is illegal to rent out a place in Qld without at least public liability insurance, so the approach would not be legal here unless you can get public liability insurance on its own elsewhere.
Echo the comments of the previous poster on top of accidental damage and its closeness to "fair wear and tear".
Example. Your tenant does not control their kid and s/he draws all over the walls, causing you to have to spend $2k on paintjobs. Accidental damage? nope. Malicious damage? nope. Fair wear and tear? According to your policy, yes. Not insured.
Of course, if it was insured, then policies would be much more expensive.
Echo the comments of the previous poster on top of accidental damage and its closeness to "fair wear and tear".
Example. Your tenant does not control their kid and s/he draws all over the walls, causing you to have to spend $2k on paintjobs. Accidental damage? nope. Malicious damage? nope. Fair wear and tear? According to your policy, yes. Not insured.
Of course, if it was insured, then policies would be much more expensive.