Landlord Resources

The Ins and Outs of Holiday Rental Insurance

By Mark Hamblyn, Terri Scheer Distribution Manager

With the festive season fast approaching, Australians are getting set to flock to the country’s top holiday destinations.

The coming months are a crucial time for property owners to ensure their short-stay rentals are ready to meet the surging demand for holiday accommodation.

In between preparations for Christmas, new year celebrations and endless festive events, holiday rental owners should make sure they take the time to review their insurance policies and ensure adequate coverage is in place.

Consider the risks

While owning a holiday property may offer a lucrative investment opportunity, it can also carry a unique set of risks.

High volumes of bookings can lead to an increased risk of loss or damage caused by guests and their visitors.

When accidents do inevitably happen, they can leave a hefty repair bill in their wake.

Like any property, a holiday home can just as easily be prone to break-ins and unforeseen damage, particularly if it is unoccupied for extended periods of time.

Regularly inspecting the property, carrying out preventative maintenance by licensed trades and installing reliable security systems can help to mitigate these risks.

What is Holiday Rental Insurance?

Just like policies for residential tenancy or an owner-occupied home, holiday rental insurance can provide peace of mind against the unexpected.

The Terri Scheer Short Stay policy is a specialist product designed to cover against the risks that come with owning a holiday let property managed by a licensed real estate agent, property manager or letting agent.

What is covered?

Property owners should consider the value of their short-stay rental – inside and out – to ensure they are adequately covered by their policy.

Terri Scheer’s Short Stay Policy covers holiday property owners for a range of insurable events, including loss of rental income if the property becomes untenantable or inaccessible.

Property owners can insure contents provided for guests’ use, including portable domestic goods, electrical appliances, household furniture and furnishings.

While it might be easy to forget about carpets, light fittings and curtains, a good policy can provide coverage for these common household items too – meaning rental owners can rest easy these holidays.

To find out more, visit terrischeer.com.au/holiday-rental-insurance/ or call 1800 804 016

Disclaimer:

Insurance issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as Terri Scheer. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Contact Terri Scheer on 1800 804 016 or visit our website at www.terrischeer.com.au for a copy. The Target Market Determination is also available.

The information is intended to be of a general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries. This article has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it.