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Do i need a landlord insurance

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(http://www.tenantmanagement.com.au/videos/07-do-i-need-landlord-insurance/) - Hello, my name is Michael Gilbert and I'm a licensed real estate agent and I'm here in behalf of tenantmanagement.com.au. Today, I'm going to answer the question, "Should I get landlord insurance?“ First of all, I'm sure you want to know exactly what a landlord insurance is. It is where you as a property owner, you pay a yearly or monthly fee to a company and they cover you if things go wrong with your tenant or the property itself. For example, they might cover you for loss of rent, damage caused by tenants, theft by tenants or legal liability if they want to sue you and take you to court for whatever reason.

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Do i need a landlord insurance

  1. 1. Tenant Management Do I need a Landlord InsuranceWhat is Landlord Insurance?Hello, my name is Michael Gilbert and Im a licensed real estateagent and Im here in behalf of tenantmanagement.com.au.Today, Im going to answer the question, "Should I get landlordinsurance?“ First of all, Im sure you want to know exactly whata landlord insurance is. It is where you as a property owner, youpay a yearly or monthly fee to a company and they cover you ifthings go wrong with your tenant or the property itself. Forexample, they might cover you for loss of rent, damage causedby tenants, theft by tenants or legal liability if they want to sueyou and take you to court for whatever reason. 1 of 4
  2. 2. Tenant Management Do I need a Landlord InsuranceWhy Landlord Insurance is ImportantThats what landlord insurance is and from my experience, the ones that dont have it are sadly often the ones that do end upneeding to make a claim but dont have landlord insurance. And I believe this because the people who spend less or are tryingto get away with spending as less as possible, are the ones that buy cheaper and more run downproperties, and, therefore, they attract less quality tenants and theyre the ones that need to make a claim. So it’s long drawnout cycle.So in simple terms, the condition of the property will represent the quality of tenants you get. For example, if you have a greatproperty, youre more likely to find great tenants and good quality tenants. The better quality tenants you can attract, the lesslikely youre going to need to make a claim on your landlord insurance. However, in all situations, I still believe and I stillrecommend that it is important for you to get some sort of landlord insurance because youll never know what sort of bizarresituation youre going to find yourself into.Now, there are many types of landlord insurance packages out there and they can range from anywhere from $200 to $400per year. You might be able to get a better deal if you can combine your landlord insurance with your billing insurance aswell, with a big insurance company. 2 of 4
  3. 3. Tenant Management Do I need a Landlord InsuranceChoosing the most ideal Landlord InsuranceDont be too quick to look past Terry and ABM, they focus on landlord insurances. The good thing about those companiesis that they tend to cover you for more, and in a lot of situations they might have lower or no excess for loss of rent, andalso its easier when you actually go to make a claim.For me, personally, Ive got a house on the New South Wales Central Coast and its about 30 years old. Its in goodcondition for its age and I have attracted some good tenants and I believe I will attract some good tenants in the future.Therefore, my wife and I decided to combine our landlord insurance with our billing insurance with a large insurancecompany, so we have to pay a high excess when things go wrong. And also, were probably not covered for as much. Sothats the risk that were prepared to take but thats due because we believe we have a reasonable property and we haveattracted some good tenants and well do in the future. 3 of 4
  4. 4. Tenant Management Do I need a Landlord InsuranceYou Should Get Landlord InsuranceSo going back to the first question, "Should I get landlordinsurance?” yes, I do think you should get some sort oflandlord insurance, I think thats very important. Anddepending on the condition of your property and the tenantsthat youre going to attract to your property, which should behow you look at what sort of money you spend on yourlandlord insurance. So going back to the first question, "ShouldI get landlord insurance?” yes, I do think you should get somesort of landlord insurance, I think thats very important. Anddepending on the condition of your property and the tenantsthat youre going to attract to your property, which should behow you look at what sort of money you spend on yourlandlord insurance. 4 of 4

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