Help for landlords: why residential insurance is important

Help for landlords: why residential insurance is important

Investment properties are an important financial strategy for many Australians. It can take many years to save for an investment property and the purchasing of one is often a life-changing event.

Certain things can put strain on (or even jeopardise) that investment, including inclement weather. This is one of the reasons why it is important to have Residential Landlord Insurance.

Recently the Sydney storms have affected many property owners in New South Wales. As reported on the website Insurance & Risk, Logan Insurance Brokers worked tirelessly to make sure all claims were covered.

Another major concern for landlords is troublesome tenants. We have all read stories about them. Tenants can cause not just great stress but considerable damage to the property.

This damage can be a result of maliciousness or carelessness. Either way, the fact of the matter is that tenants will not take care of your property like you would.

Usually bond money paid by tenants is no more than one month’s rent – which in many instances will not cover the costs of the damage.

Our Residential Landlord Insurance covers damage to landlord’s contents, legal liability and loss of rent. The latter is a significant concern, given statistics indicate as many as one in four tenants pay their rent late.

Residential Landlord Insurance also covers unforeseen damage such as fires, or accidental damage in the form of spillage and breakage – or just general wear and tear.

If you are an owner of a residential strata title, Residential Strata Insurance (also known as body corporate insurance) is also hugely important. In fact holding strata insurance in mandatory in every Australian state or territory.

If you have questions about any of our insurance packages please contact us online or call us on 1300 787 789.

 

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