A common claim that property owners make against their landlord protection insurance policy is for the loss of rent.
This can come about in several ways but is usually due to a tenant defaulting on the payment of rent, or worse, finding out that the tenant has left the premises without notifying anyone of their departure.
Often in these cases, it is also common for the tenants to have left the property is a poor condition, often not cleaning or removing their furniture and personal belongings.
There may also be damage to the property itself and yards. It is also common that a fair bit of rubbish and unwanted items have been left behind that will need to be cleaned out.
Protect yourself with appropriate landlord insurance
For the protection of our landlords, we ask that all properties managed by Collins Gregory Real Estate are covered by an insurance policy that cover for such losses.
The good news is that the cost of this insurance is completely tax deductible and depending on the company providing the insurance, can cover for a loss of rent for a number of weeks, as well as malicious and accidental damage. Some of these policies may also cover for theft committed by a tenant.
A policy of this kind will also cover any legal expenses incurred whilst taking a case against a defaulting tenant and also any liability claims a tenant may make against the owner.
It is important to understand that landlord insurance is over and above your normal building and contents policy. There are many companies that offer bundled insurance policies designed for investment style properties.
It always comes back to communication.
Insurance is always the bet against such problems occurring.
The key to helping to ensure that these issues do not arise is that of communication. Collins Gregory take the time to ensure that both our tenants and landlords are kept up to date with regular contact. Open and clear communication is absolutely critical.
Rather than being stuck behind a desk all day, our team are mobile and spend a large part of their day on the road.
In addition to your property’s regular planned inspections, your property manager will monitor your property through curb side drive by visits to ensure all is in order in between scheduled inspections