Now is the time to check the extent of insurance cover that you have on your investment property.
Things to check are:
1) The extent of cover. Does your policy include building, contents (in the case of a unit), legal liability, loss of rent and malicious damage?It is wise to insure your investment in the event of a natural disaster, storm damage, defaulting tenant or fire.
2) What is covered by the body corporate? Most investment unit owners are under the impression that the body corporate insures their unit. This is not the case. The body corporate insurance extends to common areas only. This means that you need to make sure that window furnishings, fittings, paint and any and all appliances etc. are adequately covered in your policy.
Irrespective of whether your investment property is a home or unit, townhouse or villa, we strongly suggest that your insurance cover includes building, legal liability of at least $20 million and loss of rent in the event of a rent default and malicious damage at the end of a tenancy.
As your managing agent we can assist you in effecting a landlord insurance policy that suits your needs.
For a modest premium, landlord insurance cover gives you peace of mind that your investment property is adequately insured.