The RTA Amendments Act 2019 has created the requirement for landlords to be fully transparent in regards to their existing insurance and should be a reminder for all landlords to ensure they have adequate cover in place.
Many investors believe they have adequate cover under their current policy only to find at the point of making a claim that all is not what it seems.
Every landlord insurance policy will likely contain unique requirements and it’s crucial you are aware of what these are e.g. in a damage claim you’ll likely be required to show evidence of the regular inspections you have carried out at set intervals.
It’s important to ensure you have the right cover against all possible outcomes (including loss of rent, damage, abandonment etc) and often a simple extension to your existing policy may be all that is required.
Through the use of a Ray White property manager, landlords can access specific and robust insurance policies that are only available to those who use an accredited property manager. These can cover specific tenancy related issues such as loss of rent due to arrears, tenancy abandonment, intentional malicious damage etc as well as other benefits such as lower, or less frequent, excess costs than many generic landlord insurance policies.
Investors who utilise a Ray White property manager can rest assured they have access to the best possible cover for any unfortunate situations. It’s just one of the many benefits involved with having your property professionally managed.