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Landlord Insurance

If you own a residential property, clearly it makes sense to protect that asset and the income which it generates. Just think, what would happen if the asset was destroyed or the income from it disappeared tomorrow?

Vital types of cover:

Damage to your Property

Accidental damage and damage by tenants: whether it’s a burst water pipe or fire, or perhaps your tenant has vacated and there is a trail of destruction and your bond is nowhere near enough to meet the repair costs, our policies will provide the necessary level of protection.

Cash Flow

Loan repayments wait for no one. If damage occurs to your property and your tenant needs to move out, the loss of rent can affect your ability to meet your financial obligations. Our policy can provide up to  24 months loss of rents from the time of the incident all the way until the property is ready to re-let.

Rent Default

It’s bad enough when tenants do substantial damage, but when they skip off with the rent owing as well, it sure rubs salt into the wounds. Our landlord’s policy can provide up to $12,000 until the property is ready to re-let.

Other covers to consider

Contents (supplied by landlord eg: curtains, carpet)

Machinery Breakdown Insurance eg: airconditioning units, servicing your equipment only.

Protect your rental property

Landlord Insurance

Building Insurance

we’ll ask the questions others wont.

Investing in housing is a great way to get ahead in life. When it comes to insurance we can help you avoid nasty surprises by getting to know your situation upfront and help you make the right choices about insurance

 

Are you aware that when your property becomes vacant for an extended period of time, your policy could almost become worthless? Potentially cover for your building and cash flow could be compromised.

Finding a new tenant for your property, which becomes vacant, can take quite some time. While the absence of rental income can be a financial burden, you should take additional precautions to avoid even greater losses.

By talking to us, we can negotiate with your insurer to ensure cover is maintained. If you are acquiring a property which is already vacant…make sure you let us know prior to making an offer.

It goes without saying that having a rental agreement in place with your tenant is vital to protecting your assets. Many insurers will not fully cover your income unless you can produce a rental agreement.

The first part is to get the values right and that’s not an easy job unless you use the services of a professional property valuer. It is anticipated that up to 75% of properties are not covered for the correct amount.

Our experience is that many property owners mistakenly use the purchase price of the property, minus the value of the land, as the sum insured. Virtually all policies currently in the market require you to insure for replacement cost i.e. buildings completely rebuilt but using new materials plus the cost of complying with current building regulations.

Similar problems occur if the tenancy of your premises changes, as the insurers calculate their terms on the perceived risk introduced by that tenant. Changes of tenancy can have significant consequences.

  • If my property is vacant for a period of time, that doesn’t matter does it?

    Are you aware that when your property becomes vacant for an extended period of time, your policy could almost become worthless? Potentially cover for your building and cash flow could be compromised.

    Finding a new tenant for your property, which becomes vacant, can take quite some time. While the absence of rental income can be a financial burden, you should take additional precautions to avoid even greater losses.

    By talking to us, we can negotiate with your insurer to ensure cover is maintained. If you are acquiring a property which is already vacant…make sure you let us know prior to making an offer.

  • Do you have a rental agreement in place with your tenant?

    It goes without saying that having a rental agreement in place with your tenant is vital to protecting your assets. Many insurers will not fully cover your income unless you can produce a rental agreement.

  • The last time I did my insurance renewal, did I really get the values right and we all know what that means if a claim occurs?

    The first part is to get the values right and that’s not an easy job unless you use the services of a professional property valuer. It is anticipated that up to 75% of properties are not covered for the correct amount.

    Our experience is that many property owners mistakenly use the purchase price of the property, minus the value of the land, as the sum insured. Virtually all policies currently in the market require you to insure for replacement cost i.e. buildings completely rebuilt but using new materials plus the cost of complying with current building regulations.

  • Should I tell you if my tenant changes?

    Similar problems occur if the tenancy of your premises changes, as the insurers calculate their terms on the perceived risk introduced by that tenant. Changes of tenancy can have significant consequences.

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Case Study

Repair or Rebuild?

When a fire severely damaged Dan’s property, he initially thought he would just repair the building and try to get the tenant to come back. THE CHALLENGE When a fire…

Read the Case Study

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