fbpx

We advocate that all property investors have a close look at taking up the option of Landlord/Investors Insurance, in addition to, the usual Building and Contents Insurance.

The standard Home and Contents Insurance policy does not necessarily cover many events that occur in rental properties. For example, loss of rent may only be payable due to damage by an insured risk (e.g. fire, storm damage, etc). There is often no cover for the tenant not paying the rent, broken leases, denial of access by the tenant, etc.  Most policies usually exclude malicious damage caused by the tenant.

There are also many accidental damage possibilities not payable under normal household insurance but payable under a Landlord Insurance type product.

As property investors, we rely on the cash flow that rental income provides to assist in paying loan repayments, rates and other costs or even money to live off. As such, this income stream is of vital importance. Fortunately in today’s times we are able to take out insurance to protect this income and our property asset.

Insurance type products enable us to insure against a number of events including:

 

Damage and Theft (Building)

Theft by tenantAccidental Damage

Malicious Damage

Damage and Theft (Contents)

Theft by Tenant

Accidental Damage

Malicious Damage

Loss of Rent due to:

Default of rent

Departure without noticeDenial of Access
Breaking of the LeaseMalicious Damage

Accidental Damage

Theft by TenantDeath of TenantEtc……..

Legal Costs

Court CostsTribunal CostsRecovery Costs
Legal Liability
Sued for damagesLiable for Compensation

Lawsuits

 

We suggest you double-check your current policies and make sure you have adequate cover. Some policies have a “Landlord” component, but you might find that the cover is limited or has exceedingly high excess limits that result in large out of pocket costs to you.

If you have more than one property it may be possible to get a “bulk” discount…. hey!… …..there’s no harm in asking.

At Property Friends, we research the insurance companies and have just come up with a great “Team deal” for the Geraldton Purchasers – the value of the premium dropped by about $200!!! It always pays to do use the leverage of the Property Friends team, but remember, do your own research as companies and the cover they offer can vary significantly.

You’re welcome to give us a “yell” if you have a property in Geraldton with a need for insurance.  As always no Kickback for us anywhere here 🙂 – we are paying the same as you 🙂

Property Friends is a specialist Property Investment Advocacy that has been operating for the last 13 years on the basis of 3 principles: Trust, Community & Progress. www.propertyfriends.com.au (03) 9758 5331

Image design by: Freepik

Uwe Jacobs Property Strategist

Do You like what you see?

So, you are interested in learning more about it?  Click the below link and we will keep you updated, NO SPAM - ever...
And of course you can unsubscribe any time - no questions asked.

Congratulations, you will be receiving very valuable updates from us. Can you do us both a favour? Can you please "whitelist" the email address that our info will come from? It will be "

Share This