If you have invested in a lower socioeconomic area, then landlord insurance is a must. Don’t be the landlord who didn’t need it until it was too late. It can save you loss of rent of between 3 weeks to 8 weeks, and also cover the cost of damages due to intentional tenant damage.
If you have landlord insurance, then having a fixed term tenancy agreement will maximize the claim value you can make.
As a property manager, landlord insurance secures rental income for your clients, which is income for the business. So its a win – win for all involved.
As a landlord, you also need to make sure your building insurance covers meth contamination. It’s all over the place at the moment. As a property manager, I’ve never been this busy managing meth risk. Insurance companies I have dealings with are flat out handling claims. I have had 3 houses decontaminated, the cost would have been between $10K and $15K each. From what I have herd in the industry, this is still on the cheaper end. I now have a preferred decontamination company and also a preferred tester, as there are cowboys out there.
If you are still managing your property investment yourself, please message me as I am here to help. For a small fee per week, a professional property manager is essential to keeping your investment running smoothly. Freeing up your time to increase your wealth and buy more property.