Lessor

What is a lessor?

A lessor is someone who owns a property and rents it out to other people, called lessees or tenants, in exchange for rental payments. The landlord is responsible for maintaining the property and ensuring that it meets certain standards for the tenants' use and enjoyment.

What happens if a tenant doesn’t pay rent? 

In states such as NSW, owners have the right to terminate the rental agreement after 14 or more days are overdue on rental payments. Consequently, tenants who have failed to meet  payments may find themselves on a tenancy database which may affect their dealings in the future. 

What is lessor/landlord insurance and do I need it? 

Landlord insurance is a specialised insurance policy that provides protection for property owners who rent out their properties to tenants. It covers various risks and liabilities that landlords may face, such as damage to the property caused by tenants, loss of rental income due to tenant default, or damage from natural disasters like storms or fires. 

While landlord insurance is not legally required, it's a prudent investment for landlords seeking peace of mind. Unexpected incidents can occur, and without adequate coverage, landlords may face substantial financial liabilities. In the event of property damage or tenant injuries, landlord insurance helps safeguard against costly liability claims and repair expenses, offering a layer of protection against unforeseen risks.