We strongly recommend that all of our Landlords & Tenants obtain their own Insurance. As we are not Insurance Agents, we advise you seek information from your preferred Broker.
Some of our current landlords use the following Insurance Company:
Duncan Saville, Corporate Insurance Brokers Pty Ltd
PO BOX 959
BALLINA NSW 2474
Web site: www.cibb.com.au
Nimbin real estate are happy to arrange and make payment for the chosen policy on your behalf. We can also make claims, arrange for Insurance assessors, make building repairs and renew your policy annually.
Tips & Traps when seeking Landlord Insurance
- Many policies to not cover you once the fixed term of the agreement has expired.
For example, if your tenant signs a 6 month lease but lives in the property for 8 months, you are not covered during the final 2 months. If the property was damaged or there were rental arrears, you could not make a claim.
- Does the policy cover against accidental damage?
Many policies do not cover tenant accidental damage, such as spill stains on carpet or accidentally leaving the iron on. In this instance you would only be covered if you could prove that the damage has been deliberate or malicious.
- What is the excess?
Read the fine print carefully. For example, the Insurance Company may offer to pay up to 8 weeks loss of rent but then take 3 weeks excess and only pay a percentage of the difference
- Look at the total overall policy not just the initial cost. The excesses vary per policy and affect the premium due. Ensure that you would be happy to pay the excess in the event of a claim and if arranging it for a block, remember that not all tenants may be as careful as you so a smaller excess may be better.
- Building Insurance
Many basic Landlord Insurance Policies are designed essentially for tenant & designed risks (fire, storm, water damage etc) for your contents but do not cover your building. By obtaining separate building Insurance or getting a combined policy will protect you against events such as unauthorised home alterations by the tenant.
- What is Loss of Rent Loss of rent generally includes a tenant that leaves owing rent, tenants that leave before their lease has expired, the time take to repair a property following damage caused by a tenant and a tenant who refuses to leave your property and won't pay rent.
- Owners Liability vs. Public Liability Owners Liability covers you if your tenant or any visitors (including tradesmen) injure themselves at the property and place a claim against the Landlord. Public Liability on the other hand only covers you for visitors to the property; therefore if a tenant injured themselves, you are not protected.
Nimbin Lifestyle Real Estate are happy to arrange and make payment for the chosen policy on your behalf. We can also make claims, arrange for Insurance assessors, make building repairs and renew your policy annually.