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Hey guys, I just purchased my first investment property and was wondering if there was any kind of insurance I need ?
To cover the property and myself.Cheers..
You need building insurance and public liability at the least. Some people also take out landlord's insurance. If you have a pm, one of the best policies for landlords insurance is terri scheer!
PS, Terri scheer insurance is great value for higher priced properties but overpriced for cheaper properties. You may need to shop arround if you have a cheaper end of the market property. if you have a property manager, ask them if they recieve a kickback from terri scheer, they give kickbacks or "referal fees" to most real estate agents. We discount our client's policies by the amount we recieved as a referral fee (give back to clients), if agent's do recieve a referal fee and don't pass it on to you, then you need to be careful about whether they are referring the policy because it is right for your property or because they want the referral???
Hi Bez,
I reckon you should have insurance for the following – building, chattels, loss of rent, tenant default rent, malicious damage, public liability and motor/fusion burnout.
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