Would you be adequately covered if something were to happen to your investment property?
With summer almost upon us, the risk of bushfires and storms increases dramatically. Now is the time to check the extent of insurance cover you have on your investment property to ensure you would be fully protected should the worst happen.
Things to check are:
- The extent of cover – Does your policy include building, contents (in the case of a unit), legal liability, loss of rent and malicious damage?
- Things 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 must ensure 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 house, a unit, a townhouse or a villa, we strongly recommend that your insurance covers you for the following:
- Damage to or destruction of the building,
- Legal liability of at least $20 million,
- 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 best suits your needs. For a modest premium, landlord insurance cover gives you peace of mind that your investment property is adequately protected.