As your Property Manager, we
recognise how important your investment property is to you and we take pride in
the service that we offer our clients, however sometimes incidents occur that
are out of our control and that is why we stress that land lords insurance is a
necessity when renting out your investment property.
It is a fact of life that anyone’s situation
may change in the future and it is in your best interest to ensure that if your
tenant is not able to commit to their lease, there is damage caused to your
property, or that your tenant in in arrears, that you are not at an immediate
loss. It may take many months or years for a debit to be recovered from your
tenant in the local court and this is the reason that landlord insurance is
necessary as the usual payment of a claim is from 7 – 14 days.
Apart from the peace of mind that you
are covered against rental default or damage that may be caused by your tenant,
a landlord insurance policy will also cover your contents, should there be
damage caused by a fire, water leak or damage caused by a strata repair. Many
apartment owners are under the impression that strata will cover you for all
rectifications, however this is not the case as strata will only repair items
that are considered common property and you are responsible for the replacement
or repair of the contents and fittings within your apartment, as well the
flooring and paint on the walls.
If you currently have a policy on
your property and it is managed by yourself, we ask that the details of the
policy for e.g insurance agency, policy number and expiry are supplied to our
office so that we can help monitor that the policy is current. It may also be
in your best interest to have the policy re-directed to our agency so that we
can ensure that the insurance premium is paid on time and that we are able to
act on your behalf should the unfortunate situation occur that an insurance
claim is required.
For all owners who do not have
landlord protection insurance, we ask that you strongly consider purchasing a
policy to ensure that you are equipped for any unforeseeable issue that may
occur in the future. The cost of the policy is tax deductable and usually
between $300 - $400 per annum. We spend several hundreds or even thousands of
dollars to protect our cars from theft or damage, however overlook insuring one
of our most expensive assets.
Due to legislation, as your Property
Manager I cannot endorse an insurance policy over another, however the majority
of our owners do have a policy with one of the 3 below insurance agencies.
Should you wish for our agency to
purchase an insurance policy on your behalf please contact our office on 9893 7788
