This was one policy which covered multiple properties
Wow wish my Landlords Insurance bill only came to $2500 / Annum ……
Unlike Life Insurance where there is a defined guarantee of payment (although regretfully you may not be around to enjoy it) House or Landlords Insurance has no such guarantee. It is a payment for what could be a non defined risk occurance.
With every client i talk about risk minimisation and what you can do eliminate the risk as much as possible.
Getting a Building & Pest Inspection done when you go to Contract reduces the risk of problems before you settle.
Fixing your interest rate gives you a guarantee that your monthly repayment will not increase for a given period.
The list goes on.
Personally i wouldn't buy a property and not take out the relevant insurance.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I have two IP's that are both 300k each and insurance is $550 each, recently a wonderful tenant did $8000 damage and no rent for the last 4 months, insurance as painful as experience as it has been is paying all the rent, bar 1 month, and about 23 the damage. so it is worth it, what I have learnt is to ask,
1. Do they cover pet damage.
2. What is malicious and what is poor house keeping
3.Any other stupid scenarios that you can think of, as a crap tenant will find a way to expose it.
They say IP's are always a learning experience, so please learn from my experience.
Also as a final note, don't trust the NTDB as gospel for weeding out poor tenants.
What I have learnt from my last post is, don't give up, do not take NO for an answer and point facts in there face and they will pay more, I have had GIO say NO to multiple parts of my claim and each time I have proved them wrong and they have paid. They rely on people giving up because its too hard, so don't, fight the fight.
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