July 26, 2018 at 3:08 PM

 

 

Providing a Landlord with peace of mind and protection is paramount! It is comforting to know that you can insure your rental income and be protected against risks such as loss of rent, malicious damage, accidental damage and legal liability. There are many policies available by different providers however you need to make sure that you read the fine print. Here are some things to look out for – coverage may vary between policies: 

- Does the policy cover for death of a tenant, or if the tenant defaults whilst on a non-fixed term agreement?

- What are the excess amounts charged on each claim?

- If there are multiple items being claimed, is there a cap on how many excesses that can be charged with each total claim?

- Do they provide a multiple property discount?

- Can your claim be approved by the agent or does it have to be approved by an underwriter which can lengthen the claim time? 

 

It is important for you to know what your landlord insurance policy will and won't cover. Please consult with your insurer so that you are fully aware of the extent of your cover and also any excesses that may be applicable in the event of a claim.

For such a minimal tax deductible fee and often under the cost of one weeks rent, you cannot afford to be without it!

If you need help managing your property and finding new tenants or you have any questions about Residential Rentals property management, please do not hesitate to contact us at Residential Rentals Ltd.