When comparing landlord insurance in Melbourne, check whether the policy covers the building, landlord-owned contents, tenant damage, loss of rent and legal liability. Pay close attention to exclusions, excesses and limits, particularly for rent arrears, malicious damage, flood, storm and properties in strata schemes. The right cover can depend on the property type, lease arrangements and risks in its location, so compare the Product Disclosure Statements rather than price alone. An insurer or licensed insurance adviser can explain how individual policies may respond to your circumstances.