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A must for all property owners is to make sure you have in place Landlords Protection insurance As the name suggests Landlords Insurance is an insurance policy that covers some of the risks arising out of being a Landlord.
Good tenants are usually the norm and flow from a good thorough selection process by a competent rental agent and good ongoing management there-in including regular inspections and a tight control of rental payments
However occasionally tenants do things they should not and that is where Landlords Insurance comes into its own
Landlord Insurance policies can cover off for events such as;
- wilful damage by a tenant to the property
- loss of rent if the tenant defaults on payments
- legal costs incurred in taking action against the tenant
Policies may well cover off on contents owned by the landlord but not those owned by the tenant.
I have come across a few (not a lot but enough) Hudson Members who have had to claim on their Landlord policies in the event of the tenant leaving the property in disrepair and with rent owing. The rental Bond (usually one months rent) will cover part of this cost but often not all of it and so having the safety valve of a dedicated insurance policy in place to cover off on the above issues is vitally important and a must for all landlords. And also it is tax deductible
The premium cost of Landlords insurance will vary widely depending on what the policy actually covers and what the rental income of the property is but a range of $250 to $550 per annum is reasonable If you are paying more than that or wish to get a guage of whether your current policy is reasonable then ring around. It is a very competitive market.
NOTE: This type of general insurance is NOT offered by the Hudson Insurance team