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PROPERTY MANAGEMENT QUESTIONS FROM THE OWNERWhy do I need Landlord’s Insurance?Isn’t it the Property Manager’s job to select the right tenant so I shouldn’t need Landlord’s Insurance?Let me answer these questions in parts. First, let’s deal with what a Property Manager can and cannot do when selecting a new tenant for your property. We ask for references which we follow up by phone and we put the applicant’s details through two databases, one based in Queensland which is Australia wide (TICA) and the other the R.E.I.W.A. database for Western Australia. What none of our checks can tell us; 1. Somewhere in the future the tenant will lose his job because a gas plant explodes in the North West or his employer goes out of business so he can no longer pay the rent. 2. The couple separate and the wife no longer has an income or she leaves and he is a lousy housekeeper. 3. They suddenly decide to do a runner owing rent and having neglected the property. It is no secret that the restriction to 4 weeks rent for the bond enforced by the Residential Tenancies Act is inadequate in these circumstances. As a matter of policy we prefer to use the bond for the restoring the condition of the property first and then use Landlord’s insurance to recover outstanding rent. The cost of the insurance is from just $234 per annum, which is also tax deductible. Given the kind of cover available that is a very small price to pay for peace of mind. To check out the cover and rates please go to our preferred suppliers at: Terri Sheer Insurance Brokers ------www.terrisheer.com.au EBM Insurance Brokers --------------www.rentcover.com.au |