Landlords - is your property adequately insured?
If you are the owner of a residential property which is part of a subdivision and comforted by the fact that you don’t have to concern yourself with insurance, you’re wrong!!
Most Owners Corporations (previously Bodies Corporate) insure for buildings and common area liability only which means many unit owners have no internal contents, or more importantly Liability Insurance cover over their property.
For under $150.00 per year you can obtain Landlord’s contents & liability insurance cover, a necessary and essential expense when considering the potential loss which could be suffered under a Liability claim.
A Landlord’s exposure to liability risks can also be compounded by poor or inadequate management. Regular property inspections, prompt attendance to maintenance by qualified trades people and a thorough knowledge of residential tenancies issues, including Landlord’s & Tenant’s rights & responsibilities, are imperative factors in reducing your risk exposure.
Professional management and adequate insurance are simple, cost effective means of ensuring that you maintain an asset you have probably worked very hard to obtain.
LDB Property Services currently manages over 400 residential properties around Melbourne for a growing number of satisfied clients. If you would like to obtain more information regarding Landlord’s Insurance, or other LDB client discounted property management services, please contact our Senior Property Manager, Helen Feeney.
