P: 03 375 4800
F: 03 355 9521
3 Deans Ave, Riccarton, Christchurch
NEED ASSISTANCE? p: 03 375 4800 e: firstname.lastname@example.org
Insurance is a Number One topic in Christchurch these days, but not just for your own home or business. If you have a Christchurch rental property, it’s vital you find good landlords insurance. This insurance is for your benefit only and mainly covers damage to the property, while your tenants will have to take out insurance for contents and liability for damage to the house.
Landlords Insurance – What’s Covered?
This of course depends on the insurer and your policy, but landlords insurance frequently covers:
• malicious damage or theft by tenants
• loss of rents following the tenant vacating without giving notice
• loss of rents after an eviction because of non-payment
• loss of rents due to prevention of access
• legal liability as a landlord
• chattels in the property that you own and which are listed in the tenancy agreement
Landlords Insurance – What Do I Have to Do?
Again, this depends on the insurance you choose, but as a rule of thumb most insurers will require you to prove that you have conducted thorough tenancy selection processes and regular inspections before honouring claims. In this case it’s always a great bonus to have your rental property managed by a Christchurch Property Manager. Other points can include collecting a certain amount of bonds and rent in advance, sending letters to tenants when rent is in arrears, having a current house insurance policy for your rental, and making applications to the Tenancy Tribunal for vacant possession after a specified time.
Landlords Insurance – What to Consider
When getting landlords insurance, make sure you look at the overall policy and not just the initial cost. Consider the excess and key points covered. Also remember to shop around regularly, whether your policy is up for renewal or not. New insurers can pop up any time and if you have a good claims history, they’ll often match or better a competitor’s quote to get you on board. You may also be eligible for a discount if you insure several properties.
Before applying, make sure you get the rebuild cost (or sum insured) right or you may end up with insufficient funds should you have to make a full claim. When applying, always be 100% honest – you don’t want to risk invalidating your policy at claim time! Finally, bear in mind that often rental properties which aren’t professionally managed incur a higher excess.
Landlords Insurance – Where to Get It?
At Bayleys Property Management we offer insurance for your investment property. Why not give us a call to discuss your options?