The number one claim that property owners make against their landlord protection insurance policy is 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, discovering the tenant has vacated the premises without notifying anyone of this.
Should it be the latter it may also be discovered that the tenant has not left the premises in the best of condition.
There may be damage to the buildings and grounds. It is also likely that there will be a fair bit of rubbish and unwanted items left behind that will need to be cleaned out.
This is why we demand as a matter of great importance that our landlords take out the necessary insurances to cover for such losses.
The good news is that this cost is completely tax deductible, and depending on the company supplying the insurance, can cover for a loss of rent for up to 15 weeks, malicious and accidental damage, and 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 note that this style of insurance is over and above that of your normal home building and contents policy. There are many companies that now offer a bundled insurance policy designed specifically for the investment style property, at very good rates.
Communication and Regular Contact
Please understand that what we have described above is a worst case scenario. Insurance is always the bet against such catastrophes happening.
Image Property take the time to ensure that both tenant and landlord are kept in the loop with regular updates and contact. Open and clear communication is absolutely essential.
It is our mission to offer 100% of our energy and specialised knowledge towards the rental market and that is all we do.
Our fully qualified team are constantly on the road monitoring properties both inside and out.
Should any conflict arise we have the answers at our fingertips as well as a vast knowledge of legislative requirements to ensure our five-star tenants and well informed landlords are satisfied.
Conveniently based in inner city West End, this allows us to access our large portfolio that stretches and encompasses all directions of the compass.