Although priced slightly more than home insurance

• cover limits are generally higher for frequently claimed perils
• the onus is not on the insured to prove his/her claim is valid
• the acceptance criteria is generally broader in terms of property usage, tenancy types, year of build, multiple units, flat roofs etc.

If you treat your rental property income as a business, then insure the property with a business / commercial type insurance cover i.e. Property Damage All Risks insurance, otherwise you could be left short when a claim occurs.