Landlord Insurance: Are you Covered for These Things? | Property Management Gympie

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#Insurance is really one of those things where you often don’t know what you’re covered for, until you need to make a claim.

Just like you can’t compare apples with oranges, insurance policies can be tricky to understand and weigh up against one another.

If you have #landlord insurance, chances are you took a policy out with the same building insurer that you already had. And that’s entirely okay…. If you’re completely covered, but here’s a few things to find out when you’re looking for insurance.

Does the company specialise in landlord insurance?

Like every industry, there are businesses that cover everything, and then there are ‘specialists’ – it makes sense to do your research and shortlist insurers with a core focus on providing landlord insurance.

What is the policy excess when making a claim?

If you’re needing to make a claim on your policy, chances are you’re already out of pocket with rent arrears, or your home has suffered damages that you need to pay for. Having to pay an excess on top of the loss can really hurt if your tenant has decided to stop paying rent. There are some insurers that do not charge an excess for claims on loss of rent, meaning that even if rent arrears are minimal, it’s still worth making a claim.

Are you covered for accidental damage as well as malicious damage?

You might think that all damage is covered, and with some insurers it can be. But things like bumps and dents in walls are considered negligent, but not malicious so you’ll definitely want a policy that covers you for both.

Do you get to keep the bond for cleaning?

Typically if you have a tenant who has skipped out on their rent, they generally won’t leave the house sparkling clean. That’s where that bond is going to come in really handy, but only if your insurer allows you to use it. Many companies will apportion the bond to rent first so if your tenant is 4 weeks’ behind with payments, your policy won’t be helpful at all if there’s a thorough bond clean required.

What are the #policy limits on claims?

This is a really important question to ask. Knowing you’re covered for tenant damage doesn’t tell you for how much and thinking you’re going to get a brand new garage door when your tenants leave the handbrake off can turn into a heartache if you find there’s a $1,000 limit on the policy.

Does the policy cover pet damage?

Taking a pet bond is currently illegal in Queensland and with a much higher percentage of tenants having pets, you’ll want to make sure you’re covered if Buddy the Beagle decides to gnaw away at your verandah railings out of boredom.

So, how does your insurance policy stack up? Is it time for a change maybe?

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