PROTECTING YOUR PROPERTY - LANDLORD'S INSURANCE

Most tenants are great people! I love mine - they have been there a long time and have volunteered to do extra things around the property for free and have helped me maintain the value of my houses.
BUT accidents can happen and sometimes you can have things change for your tenant and before you know it a door has been kicked in or a carpet ruined.

I have had tenants who have had defactos or drunk relatives damage the property and then left me with the repair bill. One did a runner and owed rent and damage repairs! Now I was lucky my agent chased it up and took it to the courts for me and I received all funds back! However, had that failed I could fall back on my insurance to cover the costs!

If nothing else a good real estate agent and Landlord's Insurance let's you sleep at night!

So what are the common fatures of a policy!

1. Malicious or intentional damage to the property by the tenant or their guests.
2. Loss of rent if the tenant fails to pay up.
3. Loss of rent due to time spent repairing damage after tenant leaves or does a runner.
4. Theft by the tenant or their guests.
5 Liability, including claims against you by the tenant, and Legal expenses in taking action against the tenant.

Now there are often other options available and Isuggest you read the policy documents carefully or speak to a real estate agent handling your property.

I have worked with the "yourInsurancegroup", a company under the Wesfarmers group of companies and they have a good value for money policy. However, shop around since your needs may vary and your state or territory may have certain requirements.

YOUR INSURANCEGROUP