Protect your property and your asset income
Landlord insurance is a super important aspect in protecting your property and your asset income.
Risks are a part of every investment, and investment properties pose some common risks including, but not limited to:
· Tenants defaulting on rent,
· Lease break situations,
· Loss of rent,
· Damages and pet damages,
· Content damage i.e. carpet,
· Tribunal representation, and
· Changing of locks.
In our experience as property managers, and as investors ourselves, we find that investment property-specific landlord insurers offer the best cover and with the most cost effective excess. In most loss of rent claims there is NO excess. Most importantly, we are able to utilise the bond and claim for loss of rent with no excess, with defaulting tenants and lease breaks covered up to 20 weeks! Other insurance products may not cover these events, and very often, the bond won’t be enough to cover the associated costs. When comparing policies, compare the excesses as other insurance policies include an excess of four weeks bond. If you are looking for landlord insurance, we’ve had a good experience with insurers such as Terri Scheer, MGA and EBM. Of course we recommend that every landlord reviews and compares policies.
Recent additions to Landlord Insurance policies. Recently there have been a number of positive changes to Landlord Insurance to add more value to policies:
· Up to 20 weeks rent, if tenants break or abandon the lease and fail to pay rent.
· Up to 20 weeks rent cover in a Notice of Possession process. ?
· Damage to floating Timber Floorboards is now covered for up to $60,000.
· Multiple damage is now grouped together with one excess of only $500.
· If the Fire or Police department have to break into the property and cause damage, the event is covered under their policy with a $0 excess
· Access to Rent Reduction/Compensation Cover for up to 6 weeks if your tenant remains in the property at a reduced rent.
We’re always looking for ways to maximise ROI for our landlords, and that includes mitigating risk. Contact us for more information on the policies available for you.
Find out more by sending an email through to Michelle.