This means protecting ourselves against loss, so Building, Liability and Landlord Protection insurances are vital to achieve the maximum protection when unexpected events occur.
Unexpected events occur to most people at some point and, (as much as we like to avoid paying the premiums), it is only when unforeseen events occur that we truly appreciate our decision to insure. Such events might include a tenant’s loss of employment, death, injury or even natural disaster, so smart investors ‘ensure that they insure’ to gain peace of mind. Landlord Protection Insurance is particularly relevant when considering the protection of annual rent return on an investment property.
Even with the very best of intentions, unforeseeable events can sometimes lead to financial hardship for a tenant, and this can lead to issues with rent arrears and other tenancy defaults. For little more than $200+ a year, landlords can rest assured that they won’t miss out on rent if a tenant defaults.
In most cases, your rent will be protected from when one tenant stops until the next tenant starts to pay, along with any clean up costs.
If you are not sure whether you are adequately covered as a Landlord and would like a referral to an experienced advisor, feel free to give our Property Management team a call.
Disclaimer: The contents of this article are believed to be accurate at the time of posting. Any advice here is of a general nature only and has not been tailored to your personal circumstances. Please seek professional advice prior to acting on this information.