I am often surprised hwo many property investors do not take out landlords insurance on their properties. 

A good policy will not just protect you against lost of rent or malicious damage, it will also cover things like tribunal costs, accidental damage, tax audit costs or public liability coverage.

A common misconception about public liability coverage is that an apartment in a strata building is covered by the strata plan/building insurance. Unfortunately this is not usually the case and the building insurance is only there to cover common space areas when it comes to public liability. This means any incident within your investment property would not be covered.

It's important to review your policy to see what is and isn't covered rather than assume.

The cost of insurance is also tax deductible so after tax it can be a very minimal cost.