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Is your investment protected?

Home ownership is changing, with more and more people considering lifestyle over home ownership. This change has seen an increase in the investment property market.

Like any investment there are dangers, and an investment property is no different. As a landlord the two significant risks you will face tend to be malicious damage by your tenant and/or failure to pay rent.

A standard house holder’s insurance policy is not designed to cover your exposures as a landlord and a specific Landlords insurance policy is required. Unfortunately not all landlords insurances are equal either, and care is required when protecting your investment.

So what are some of the key features to look for in a Landlords policy?

Protection from Loss of rental income, such as;

  • Absconding tenant – Where a tenant vacates without providing adequate notice
  • Defaulting tenant – Failure to pay rent by the tenant which results in the lease being cancelled by the property manager or tribunal
  • Failure to give vacant possession – tenant refuses to vacate the property
  • Failure to vacate a holiday let property – tenant fails to vacate at the end of the booked period on a holiday rental

Cover for Contents/Furnishings in your property (curtains, carpets, blinds, awnings, light fittings and even furniture), including;

  •  Accidental loss or damage – unexpected loss or damage that is not deliberate
  • Deliberate damage – damage caused by the tenant or unknown person, knowing the act will alter the property but without malice or spite
  • Malicious damage – damaged cause by tenant or unknown person with malice or spite such as slashing curtains
  • Theft by the tenant or their guests
  • Water damage
  • Fire damage

Cover for the Buildings, including that damage by your tenants, their family and guests, including;

  •  Accidental loss or damage – unexpected loss or damage that is not deliberate
  • Deliberate damage – damage caused by the tenant or unknown person, knowing the act will alter the property but without malice or spite
  • Malicious damage – damaged cause by tenant or unknown person with malice or spite such as holes punched in walls
  • Theft or damage due to theft

Legal Liability protection, such as;

  • Liability, including for a claim against you by the tenant,
  • Legal expenses incurred in taking action against a tenant.

Your exposure changes depending on the investment property and how you are letting your property, and special consideration is required for Strata/freehold properties as well as long term/holiday letting .

For more information or to speak with the BusInsure team, please call: 1800 BUSINSURE(1800 287 467)  click below to request a call back.

 Request a Call back

 

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