Insuring Your Investment Home Gives Peace of Mind

Many people toy with the idea of buying an investment property. If the property is wisely chosen it can become a very valuable asset. With proper management and good tenants the property has the potential to earn you a steady income, with minimal fuss after the initial setup. Of course becoming a successful landlord means being aware of the pitfalls and having doing some research, and of course protecting your investment and the income it provides. One of the easiest ways to do this is through Landlord Insurance. So what is it and why is it necessary?

Brisbane Property Managers can assist you to sort through the pros and cons of insurances. But the majority will encourage you to have landlord insurance. This insurance is designed to protect investors in a number of situations that are unique to the investment home owner. Although most people have positive experiences, there are things that can go wrong and without insurance, can cost the landlord lots of dollars. Landlord insurance can cover loss of income due to absconding tenants, malicious damage to the property, rent loss due to the property becoming uninhabitable from storm or other damage, and can even cover legal costs in the event of debt recovery or damages or other legal action.

When choosing the right insurance, you may have a preferred insurer. If not it can help to talk to a property management Brisbane agent. They will be able to help you by referring you to some companies they, or other clients, deal through. Some insurance companies will even cover you for tax audits, give building insurance and cover you for short term stays in the event that you invest in a holiday home, which you let out for shorter periods to a variety of holiday makers. It is also important to make sure you are covered for legal liability in the event of injury or death of a tenant, or visitor to the property. Costs of this nature can be very damaging.

As with any insurance, you may never need it, but not having it could cost you lots in the event that your property gets wilfully damaged, tenants disappear or even in the event a sole tenancy client passes away. When you consider the considerable money you have invested in your rental property, it makes very sound sense to insure it to insure it for any unforseen occurrences. Once you know you are adequately covered and prepared for any scenario, you can sit back and enjoy all the benefits being a landlord can bring!

Emergency Repairs In Rental Properties

Where rental properties are concerned there is always a few rules to abide by. These rules or laws are in place to protect both the lessor and the tenant. By following these rules it ensures that the right thing is done by both the lessor and the tenant and potential issues can be avoided. There is rarely an exception to these rules, particularly where repairs are involved. There is a difference between how ordinary repairs are taken care of compared to emergency repairs and this article will outline what is to be done for the latter.

What is classed as an emergency and how it should be organised:

If you are ever unsure what you should do when an emergency repair is needed then you can refer to your general tenancy agreement. All expectations regarding the property, including what to do for repairs, are included in this document by your Brisbane property managers. The first thing you should always do is to contact your Brisbane property manager as soon as you become aware of any repair items. Even if it is 2am you should always try to contact your Brisbane property manager either by leaving a message on the office voicemail or send an email, by doing this the property manager will be aware of the issue as soon as they come into the office the next morning and they will be able to action any further repairs that may be required and notify the owners. If it is after working hours and the repair constitutes as an emergency repair then your general tenancy agreement will state the specified tradesman’s contact details that you may call in this situation. The list of repairs classed as emergencies according to the Act can be found on page 6 of your general tenancy agreement. Examples of these emergency repairs include:

  • A broken or blocked toilet
  • Burst water service or leak
  • A serious roof leak
  • Leaking gas

Any questions regarding the procedure for emergency repairs can be discussed with your property management Brisbane.