People who own investment properties which they rent out either privately or through property management agencies, must have landlord’s insurance covering these rental properties. Insurance will not stop unwanted events happening to their properties, but it will give them some peace of mind that any losses can be recovered. http://www.yesrent.com.au

1. Landlord Insurance Essential Protection for your Investment Property<br />With more and more Australians supplementing their superannuation contributions by purchasing investment properties, there needs to be a greater general awareness of the liabilities that landlords in this situation face. There are a range of worst-case scenarios that property investors expose themselves to, and while we all like to think none of them will happen to our property, in the real world anything can happen. Even the most professional property managers could be deceived by a less-than-desirable tenant who leaves a trail of destruction behind as they bolt owing rent and expenses for property damage. This is just one scenario, and the best way to protect this valuable investment is with landlord’s insurance. <br />Most prudent investors these days wouldn’t dream of self-managing their properties unless they have a large portfolio and possibly employ a professional property manager Brisbane themselves. Generally, most investment properties are placed by their owners in the hands of property management agencies that screen tenants and monitor the condition of the property. This should not be seen as a substitute for having landlord’s insurance as there are several very importance functions that this type of insurance performs, depending on the scope of the coverage. <br />Loss of rental income is probably the biggest concern for an investment property owner. Landlord’s insurance can cover a fixed term of income lost in the case of malicious damage by a tenant which leaves the premises untenantable. It may also cover absconding tenants, defaulting payments resulting in the eviction of the tenant by Court order, or Court awarded tenant hardship where a Court may release them from their lease obligation. It can also cover legal expenses, representation costs and incidentals such as the cost of replacing locks and other security. <br />The other major concern that is covered under landlord’s insurance is loss or damage to the contents including light fittings, blinds, curtains and furniture if it has been left for the use of the tenants. These items are generally covered for a range of scenarios including malicious and deliberate damage, accidental damage, theft, riot and civil commotion, fire, fixed glass breakages, storm and water damage (excluding flood), impact damage and fusion. Building insurance is a little different as depending on the insurance policy, it can be a limited cover, but general coverage may extend to damage to the structure of the building, either malicious or accidental by tenants and their invitees. <br />Legal liability is a major concern for rental property management Brisbane landlords, as a lack of coverage in this area could result in a person being liable for hundreds of thousands, if not millions of dollars in damages. Liability coverage under a landlord’s policy typically extends to damage to other people’s property as a result of an event, and coverage for death or bodily injury to other people. The amounts of coverage are usually quite high, in the order of $20 million dollars. <br />There are a number of other benefits of landlord’s insurance, and in all cases with any type of insurance, the wise person should read the policy carefully to be confident that all required inclusions are there. Only the most foolish of property investors would have tenants occupying their valuable assets without the protection of landlord’s insurance.<br />http://www.yesrent.com.au<br />