Posts Tagged ‘Landlord Insurance’

A question we are commonly asked by prospective tenants is “Who chooses the applicant for a tenancy?”

Watch this video, it explains the process we follow;

This post was brought to you by Raine & Horne Glenelg your Glenelg Real Estate Agents and Glenelg Property Management Experts

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.

Raine & Horne SA is helping property investors have a greater understanding of their buying power thanks to an advertising system new to Australia. 

The ‘Select Invest +’ advertisements list an indicative weekly ownership actual for the property by taking into account a range of factors including mortgage repayments, tax deductions and rental returns. 

The program and its associated cost calculations has been designed and reviewed in conjunction with Fair Trading, Trade Practices, Finance and Land Agents Acts to ensure compliance, clarity and legitimate benefits for both buyers and sellers. 

Raine & Horne Financial Services spokesperson John Martin said the new advertising method will provide new and existing investors with a realistic view of how the purchase would affect their hip pocket. 

“Property investment is still high on the priority list for South Australians, with property prices still affordable and good rental returns,” Martin said. 

“The most common question that I am asked is how much will an investment property really cost per week or per month.” 

“Once investors, particularly first timers, see just how much an investment property could cost – it either encourages them to do so or stops them from making a big financial decision that may not be viable.” 

The program is anticipated to effect how real estate property is advertised nationwide and is yet another exciting Australian first in less than 12 months from Raine & Horne’s South Australian Team. 

Raine & Horne SA CEO Kevin Magee said in the current climate it made sense to give investors a greater understanding of the financial aspect of buying rental properties. 

 “For me the most exciting aspect of this program is that with all indicative ownership costs being based on a couple having a combined yearly income of $100,000, it goes a long way to demystifying property investment and make it much more understandable and consequently accessible to everyone, not just those on high incomes.”

This story was brought to you by Raine & Horne Glenelg – Your Glenelg Real Estate Agents and Glenelg Property Management Experts – We’ll look after You.

Return to Raine & Horne Glenelg Website

Low interest rates, rising property prices and the strength of the housing market in recent years have made residential rental property ownership a popular form of investment.

 A well managed rental property can provide landlords with a healthy return on their investment.

However, the risk of choosing a tenant who is unable – or – refuses to fulfil their obligations under their tenancy agreement can in fact prove extremely costly for landlords who have not secured adequate protection.

While many landlords may be confident that they have model tenants living in their property, even the most careful tenant can damage a property – whether accidental or otherwise.  In addition, while a tenant may have every intention of upholding the terms of their agreement, unexpected hardships such as the loss of employment, family break-ups and other unforseen events can affect their ability to keep up with their rental payments.

The most alarming trend currently is the increase in tenant arson and legal liability claims against the landlord.  We are advised by insurance companies that liability claims have increased by over 300% in the last 2 years.

This should be of particular concern to landlords, whose ability to prevent these situations is reduced as they are unlikely to be present should their tenant or their tenant’s guest injure themselves on their property.  Slip and fall claims are particularly prevalent.

Enlisting the services of an experienced property management firm to lease and manage the investment property is the first step that landlords should take. Maintaining the property in good, safe condition is also essential.

If you back that up with an insurance policy specifically designed to cover the unique risks associated with a rental property then some peace of mind may be gained.

Your Property Manager can give you professional advice on property insurance matters and through our buying power, can arrange comprehensive cover at very attractive premiums.

This Article is brought to you by Raine & Horne Glenelg – Your Glenelg Real Estate Agents and Property Management Experts – We’ll look after You.

Return to Raine & Horne Glenelg Website