The Importance of Landlord Insurance
Callum Thompson – Head of Property Management
Four seasons in one day. No phrase more accurately describes the weather in Melbourne! With summer in full swing and sunny days aplenty, it’s easy to forget that the skies can be ready to open up with a downpour at any moment.
The New Year started with heavy rains and high winds bearing down on the city, resulting in isolated flooding and subsequent property damage from ground floor apartments to penthouses alike.
Fortunately, our affected clients had landlord protection insurance in place, which ensured their valuable asset was adequately covered. This enabled our team to promptly action rectification works including replacement of carpets, floating timber floors and window furnishings. In the instance that tenants have had to seek alternative accommodation, these clients have also been able to claim loss of rent.
Many landlords are unaware that the insurance policies in place through Owners Corporation’s often only cover building repairs, and leave them exposed to significant losses should damage occur inside an apartment.
With many options for landlord and contents cover available, often at competitive premiums, we strongly recommend all of our clients ensure they are adequately insured.
If you have any questions regarding landlord protection and contents insurance please contact your Property Manager.