One item that many landlords believe that they do not need is landlord insurance.
The landlord often believes that they do not need landlord insurance for items such as missed rent. This is why I have a property manager isn’t it?
Having a Property Manager does not guarantee that things will not go wrong. Good tenants can go bad and even the best Property Managers in the world have to deal with disputes on a regular basis.
What having landlord insurance does is that it virtually guarantees your income if your tenant defaults on rent. It will likely also cover for damages caused by the tenant.
An example of where it is so important is around the growing and disturbing trend of Methamphetamine production in rental properties. Meth contamination can be devastating and can cost in excess of $100,000 to clear a property of it.
The Christchurch earthquake was also another example of why having landlord insurance is so important.
Our advice will be to ensure that you have landlord insurance in place and your Property Manager can assist you in sourcing the best landlord insurance for your investment