How To Choose the Right Landlord Insurance For You
Conducting a Landlord Protection Insurance Health Check can be a very daunting process. With such a large number of policies available it’s important to know that you’re being covered should any adverse circumstances impact your investment property.
One of Calibre Real Estate’s Business Development Manager, Phil Ouma, shares with us his thoughts on the importance of Landlord Insurance, “When choosing a policy, you need to ascertain what is most important to your individual circumstance, not necessarily what is the cheapest. There are a lot of policies out there that may be cost effective but they may not cover your specific requirements.”
To help, we’ve prepared a Landlord Insurance health check to help you make an informed decision when choosing the right policy to protect your investment.
Landlord Insurance Health Check
1. Does your Insurer allocate the bond refund to rent? Or does your Insurer allow your Property Manager to allocate the funds to alternative expenses incurred?
2. How much does loss of rent cover? Is this enough time to follow legislative procedures prior to securing a tenant, including vacancy period?
3. Is pet damage included in your policy?
4. Is there an excess for loss of rent? What is the excess for property damage?
5. Does your policy allow for accidental damage?
Conducting a simple Landlord Insurance Health Check can make a big difference to your bottom dollar!