Getting great landlord insurance cover
Life happens. A renter’s mistake or accident can have disastrous consequences for your property and bank account! Don’t get caught off guard like one of our rental providers:
Case study
The owners of a beautiful three-year-old property in Lalor decided to install high-quality floating floors believing they would be durable and also attract quality renters. After a spotless three-year tenancy, the renters vacated, only to leave the owners with severe and deep scratches in most rooms caused by steel-footed chairs, tables, and bed frames.
Damage estimates for replacing the boards totalled more than $24,000, but the owner’s insurance did not cover accidental damage. The only claim they could make was a $1956 bond refund, leaving them $22,044 short. They were obviously devastated.
If full insurance had been purchased the owner would have been covered up to $60,000 for a low annual, tax deductible, fee. The excess to pay on a claim would have been $250, a cost easily covered by the bond refund.
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