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Protecting your investment over the coming year

Real estate & property news
24 February 2020
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Now that everything seems to be back into its normal routine, the kids have settled back into the school year, and the holidays have already become faint memories, I thought this would be a good opportunity to remind everyone of the importance of protecting your property investment.

Let’s face it, you don’t have to look too far into the past to realise how unexpected disasters can impact us all, whether it be a bushfire, a fail storm, a flash flood or a falling tree. So now is the ideal time to review your insurance policies to ensure that you have the appropriate risk management strategies in place to ensure a trouble-free 12 months ahead.

When you consider all the positive aspects of owning a rental property, nobody wants to dwell on potential negatives. However, as professional property managers, we have a duty of care to ensure you are aware of risks you may be exposed to and, just as importantly, provide you with relevant information on how you can reduce those risks.

Even the most reliable of tenants can suffer circumstances beyond our control, or for theirs for that matter, such as an unexpected job loss, relationship breakdown or a death in the family. Whilst you may have an insurance policy in place that you believe will meet your needs, it is quite possible that it could fall short in some situations.

For example, some policies may not include cover for accidental damage caused by the tenant, impose a high excess before you are covered for loss of rent, (in some instances up to 4 weeks rent), or even void or reduce your cover if the tenant goes on to a periodic or month-by-month tenancy.

Making sure that you are covered and choosing the right policy can be a challenge. So, whilst your Barry Plant Property Manager is not an insurance advisor, we are always happy to provide you with the details of a selection of insurer that may suit your needs.

Don’t forget, if you have any questions regarding the Melbourne rental market in general, or your rental property in particular, you can give the team at Barry Plant Moonee Valley Rentals a call at any time on 9319 1700.

Best wishes,

Frank Bernardelle

Rental Director

Real estate & property news
24 February 2020
Save Article

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