Who needs landlord insurance?

The Answer: Everyone who owns a Rental Property!

We’ve put together some classic examples of claims we’ve paid out to Landlords and Property Managers just like you. Contact us at any time to talk about how our Landlord Preferred policies can help protect you and your rental property.

Example 1

Sharyn T found her Rental Property had traces of Methamphetamine in it, after a tenant had vacated. The home was deemed uninhabitable. Sharyn was devastated – she had a mortgage to pay!

How did the Landlord Preferred Policy help? Rent Claim Payments were paid to Sharyn on a monthly basis until the home was deemed habitable again. The claim included testing, Cleaning, New Carpet, Drapes, Wallpaper, and final testing of the property to ensure the home was safe again.

Sharyn received a total claim payment of $12,095.17. An excess of $500 was applied to this claim.

Example 2

Elise P’s Landlord would have been forced to sell their rental property if they did not have the Landlord Preferred Policy

The tenant failed to make rent payments – after the Property Manager went through the due process and received a possession order, the tenant appealed the decision twice with the tenancy tribunal, delaying the enforcement of the order. Unfortunately the Landlords loss increased throughout this time whilst the Justice System impeded the removal of the tenant.

As soon as possible, the enforcement of possession took place. Loss of rent is paid to the maximum claimable under defaulting tenant as per policy conditions.

Elise’s Landlord received a total claim payment of $9,650.00. Excess was one week’s rent.

Example 3

Carolyn had the ‘perfect tenant’ – her tenant had been in her home for 3 years. All inspection reports were glowing, the tenant was very clean, neat and tidy, and each inspection showed full photos to prove this. The grounds were immaculate and the rent was paid on time. What could possibly go wrong?

The tenant lost his job!

The tenant was unable to make regular payments and Carolyn requested that the tenant vacate within 90 days. In the final weeks the tenant lost it! This was his home! The tenant put holes in walls, smashed lights and blinds, and even ripped the alarm system from the wall – cutting all wires.

We provided support to Carolyn throughout the claim process and provided settlement of the claim for a total of $7,284.03 with an excess of $500 applied.

In conclusion, landlord insurance is essential for anyone who owns a rental property. The examples provided show the unpredictable nature of renting and the potential financial losses that can occur without proper coverage. Landlord Preferred policies offer protection and peace of mind for landlords and property managers facing unexpected situations like property damage, loss of rent, or difficult tenants. It is crucial to speak with an insurance provider to discuss the best coverage options for your unique situation and ensure you are adequately protected against any potential risks.