Just signed contract on first property. Need insurance is Malicious damage by tenants or loss of rent necessary? The house is unfurnished and has a bond.
Bond is only four weeks rent – so if your tenants stop paying rent – you take them to court to get them evicted, trash the joint, leave rubbish there etc – 4 weeks rent isn't going to cover it
Hi Yabbi
I would take them out. I doubt it adds that much to the premium and it’s a huge peace of mind to have.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Im with Jamie on this…peace of mind + claimable.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
There is a movie Pacific Heights with Melanie Griffith & Michael Keaton. Keaton rents the room below and turns into the tenant from hell. Definitely worth watching & food for thought
Hi Guys,
In my mind, for all investors regardless of property price and/or location, I still don't understand why people dont take out the Landlord Insurance, for "most" cities for as little as a doller a day its a no brainer in my books and also claimable at tax time which has also been mentioned here by Michael.
We spend thousands of $$$$$$$ on Car insurance which is nearly everyones case nowhere near the price of a an IP, so for a few hundred dollars for comprehensive landlord insurance its definitely WORTH IT
Cheers
JasonAbsolutely agree, if you can afford to have an IP, you can afford to have insurance. Now I just sound like a nag
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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