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Insure your future

first_img Ms Crampton said drug useage and production was becoming rampant within rental homes, so landlords needed to protect themselves against the damage that may come from that, including clean up costs and loss of rent while the property is being returned to a safe state.“They need to consider drug useage and/or creation within the property,” Ms Crampton said.“It is unfortunately something we are absolutely seeing more and more of, so they need to ensure their insurance has the capacity to cover that.” Cathie Crampton shares her tips on how to choose the best insurance. Are you covered for accidental damage such as wine spills?More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago 2. Check that the definition of wilful damage or malicious damage is broad enough to cover you for all kinds of behaviour Make sure you have the right coverage before handing over the keys to your home.Choosing insurance for your rental property can seem a daunting task for first time investors.Some landlords are underinsured and many are not sure what to look for when selecting cover for their investment.From unpaid rent and loss of rental income, to accidents and wilful damage, Place Estate Agents director of property management Cathie Crampton has listed her top three tips for choosing landlord insurance. 1. Go with a landlord specialist While landlords aim to put potential tenants through rigrous vetting processes, unfortuantely some are bound to slip through the cracks.Rowdy, unruly and disrespectful tenants can cause thousands of dollars of damage to an investment property, and can often be past the costs of the bond paid at the commencement of the lease.This is why Ms Crampton said it is important to read the fine print of the insurance policy and understand what the term “wilful damage” or “malicious damage”.“One provider’s definition of wilful damage is different to someone elses,” she said.“That’s where people get caught out.“It’s important to understand what wilful damage is defined as and is broader than just criminal.”It should also cover deliberate damage – like the tenant painting a feature wall without permission, and accidental damage, like a smashed window. How about intentional damage? This leads to her third and final tip: 3. Ensure it has the capacity to cover not just drug possession but drug creation Ms Crampton said it was essential that landlords look into purchasing specific landlord insurance, not just an add on to their home insurance.“They should consider that a number of providers are bolt-ons to financiers,” Ms Crampton said.“I would only ever recommend a landlord should go with a landlord specialist.“Look past discounts of combining with your home insurance.”She said issues that arose for landlords were rarely simple and could leave them out of pocket without the backup of a good insurance policy.“The owners can claim the bond back, but most issues usually go past that and go to insurance,” she said.“Most matters that go to court are not as simple as rent arrears, they are usually more complicated and landlords need to be sure they are protected as best as possible.” Sadly, landlords need to make sure they are covered for drug useage and production.A Residential Tenancies Authority spokesman said landlords are typically responsible for insuring their property and tenants are responsible for insuring their possessions, and encouraged both to review their policies and under-stand the coverage provided.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:13Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:13 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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