Paying for peace of mind
Landlord insurance has proven a worthwhile investment for Rodney Holder, whose property portfolio includes a block of units in the central Queensland town of Rockhampton as well as houses in Canberra and Brisbane.
His policy covered the cost of making good the damage caused by one less-than-careful tenant in his Canberra property, including torn curtains, a hot pot burn mark on a newly laid floor and a broken door on a new oven.
“As with any insurance, you’re paying for peace of mind,” Holder says. “It’s also tax deductible and a cost of doing business.”
Other claims can be significantly larger, warns Jo Napoli, the Principal of real estate agency The Rental Specialists.
She recently helped a client evict squatters from their investment property and says the bill for lost rent, new locks, damage to the premises and cleaning came to just under $10,000.
After being provided with a copy of the condition report, tenancy ledger, photographic evidence of the damage and invoices for repairs, the client’s insurer paid the claim within 14 days, Napoli says.
Cover when it counts
If you’re a landlord or considering becoming one, it’s a good time to consider the benefits of landlord insurance. It could also be worth reviewing your level of cover to check it remains right for your circumstances.
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This article was first published by Steadfast Group.
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