Definitely get landlord insurance. We rented our first house for around 18months and the tenants were wonderful for the first year but then they ran into financial trouble and stopped paying rent. They moved out after 3 months of not paying and then we kept the bond and claimed on our insurance for the balance of rent outstanding. We used an agent and I think the commission was around 5/5.5%? but that was 8 or so years ago so no doubt its changed. I wouldn't be without insurance, you just never know and much better to be covered for peace of mind. From memory I think you can also claim it on tax (don't quote me on that though?). Good luck, how exciting that settlement is so soon!!