One of the most important items to ensure you have with an investment property is insurance. It is also very important to make sure you have the right level of cover to ensure that every aspect of your property is covered.
Most insurance companies have an ultra type of cover that covers everything from tenants defaulting in their rent to storm damage.
We have outlined below the most important things to look for in your cover:
– Tenants defaulting on the rent (important to check how many weeks your insurance will cover)
– Malicious or accidental damage caused by tenants
– Theft by tenants
– Loss of rent due to default, broken leases, death of the tenant, denial of access or tenant hardship
– Building insurance
– Contents insurance
It is very important to check your insurance covers things such as storms, fire, flooding etc.
Also ensure the following items are checked off when arranging insurance:
– You have read the product disclosure statement
– The details you give regarding your investment property are as accurate as they can be
If you need any further information please feel free to give us a call on 9672-6055.