Landlords…Should you take out Landlord Insurance?
One of the most common questions asked when you first become a landlord is -- “Is it worth taking out Residential Building Insurance as well as well as taking out Landlord Insurance?”
See this Youtube Video and then ….read about Landlord Insurance incidents by Amber Cauchi, Claims Officer for Terri Scheer Insurance
Amber Cauchi, Claims Officer for Terri Scheer Insurance strongly believes so; “after seeing the many claims for catastrophic damage that could never been foreseen -- it seems that Building Insurance is worth its weight in gold for Landlords”.
Taking out Building Insurance on your investment property will ensure that you can sleep at night with peace of mind that your investment property Is properly insured in the event of major damage.
“One example Is a recent house fire which started in an air conditioner situated on the roof. What seemed initially as a minor fire localised to the air condition unit itself, soon spread rapidly into the roofing cavity. This caused damage to the roof tiles, eaves, structural beams, ceilings and even structural walls throughout the property”.
Ms Cauchi went on to say “assessors, structural engineers and builders were all appointed to assess the damage and costs incurred. The damage requiring repairs included structural damage and cracked internal brickwork -- due to the extreme heat, as well as smoke damaged walls, kitchen cabinets and appliances. The costs soon grew, far exceeding initial estimates”.
“With just under $200,000 building damage, $20,000 contents damage and $10,000 loss of rent, the owners converted what could have been a major economic loss, into one which was covered entirely by insurance. Peace of mind in such a stressful and emotional time after such a huge loss could be considered priceless”.
This article was brought to you by Terri Scheer Insurance.
For all of your Glenelg Property Management needs Call Monika Bonet at Raine & Horne Glenelg on 8376 8844 -- We’ll Look After You.
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