We all know that residential property investment in New Zealand is a great bet, but sometimes that choice needs a bit of protection. Just like you wouldn't buy a car without air bags, a savvy property investor doesn't jump right into the rental market without popping on a floatation device or two – and in this case, your inflatable tyre is landlord's insurance.

So why do you need it? Isn't it just another extra you can do without? The answer to both of these is a massive no! And here's why.

Protect your building

Floods, lightning, snow – even tornadoes – New Zealand has it all. Sometimes all at once, and not to mention all the damage that can come along with them. It could cost you a small fortune out of your own pocket to fix, which is when landlord's insurance can come in handy. After all, you don't want your property to be quite literally left out in the rain! 

The list doesn't end here. There's so much more to think about: What about all the contents? Lights, carpet, appliances… depending on how well your property is fitted out, there's probably a big selection of items that would cost a small fortune to replace. The reality is that not all tenancies go as smoothly as you'd like, so it's a good idea to be prepared. 

Secure your income

Rent is the lifeblood of your rental – but what if your tenant up and leaves without warning? What if your property is damaged and left vacant while you organise repairs? You'll be left without regular rental income, which can have a big impact on the overall health of your investment. Insurance policies can give you cover for a set period of time while your home is on the market, be it from eviction or another nasty surprise.

It's clear that landlord's insurance is a great measure to take, but just be sure you don't pay too much in excess. After all, you don't want to be left out of pocket when trying to protect your investment from harm!

Here's to your financial independence! 

Daniel Carney
Authorised Financial Adviser / Investment Property Expert

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