Occasionally we see the effects of an investor not having insurance on their investment property, particularly after storms.
Now is the time to check the extent of insurance cover that you have on your investment property.
Does your policy include building, contents, 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.
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, hence you should insure contents such as paint, window coverings and light fittings.
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 and loss of rent in the event of a rent default and malicious damage at the end of a tenancy.
For a modest premium, landlord insurance cover gives you peace of mind that when things go bad, someone has your back.
At Rented, we can assist you in effecting a landlord insurance policy that suits your needs. Contact us here.
Article courtesy of LPMNZ.co.nz