Any good landlord has house insurance cover for their rental property. Some even take out additional landlord cover for extra protection.
Most insurance companies expect owners of rental properties to undertake certain tasks as part of their policy.
We agree to this when we sign the policy agreement.
These can include 3-6 monthly inspections, formal credit & reference checks of tenants & written documentation of all of the above.
A professional property management company will do all of these as part their regular duties.
But does a self-manager?
We often think we don’t need to do a regular formal inspection and don’t think we need to write it all down. (We know it’s OK, right?)
Similarly, we don’t always do 3 (or more are ideal) reference checks, or feel the need to call the referee whose name is on the written reference for example.
If the worst happens, we would go to our insurance company & make a claim. They will check we have undertaken all of the obligations we agreed to.
We all know we have to disclose accurately all our information or we will not be covered. But what about if we have not met our landlord obligations?
If you are a self-manager of a rental property, now would be a great time to check your insurance policy and make 100% sure you are meeting your insurance obligations.
It could be too late if you wait until claim time!
Nexus Property Management
PO Box 47785,
Tel 09 360 4506 Mob 021 292 0878