Landlord insurance may cover the rental property’s building, landlord-owned contents, legal liability and certain losses such as rent after an insured event or tenant default. Policies can differ significantly, and some exclude or limit cover for deliberate tenant damage, unpaid rent, wear and tear, short-term letting or unoccupied periods. Standard home insurance is generally designed for an owner-occupied property, so it may not cover risks associated with renting your property out. Check the product disclosure statement and ask the insurer about your circumstances before choosing a policy.