Property Management Tips – Ask Susan

Landlord need to be covered for an entirely different range of risks and issues that can arise from having a tenanted property.
Owner occupier contents, building and strata insurances do not cover your property if tenanted.

Susan recommends having insurance cover for:

Loss of rent:

Your tenant leaves without giving notice or vacates at the end of their tenancy leaving unpaid rent.
Your property becomes unfit for a tenant to occupy as a result of damage by fire or storm.
Your tenant being the sole person on the lease passes away.

Landlords Contents:

Cover for;  Window furnishings, carpets, light fitting and some electrical appliances.
Your contents can be at risk in several ways:

Tenant damage whether by accidental or malicious.
Burst hot water service, Burst flexible hoses which by the way is occurring on a more regular basis.
Storm Damage and Fire

Legal Liability: Your tenant slips and falls, or suffers electrocution from a faulty power point.

Building: Covers damage by; Break in and or vandalism, scorching caused by a cigarette burn or hot cookware being placed directly on bench tops, pet damage and some tenant damage.

Cost: Less than $400 pa depending on amount covered
Eg Landlord Preferred Policy by Terri Scheer cost under $365 pa (www.terrischeer.com).
Compare policies and check limits on cover in each policy offering.

Ask Susan Saetta at Walkom Real Estate

Email susan.saetta@walkom.com.au Phone 0249748900

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