Are you covered for your investment risks?
Landlord Protection insurance is an important, yet often overlooked, part of the property checklist for investment owners.
This insurance product can cover landlords for unforeseen risks such as loss of rental income due to changes in a tenant’s financial circumstances, damage to the property caused by a tenant, or a tenant or a member of the tenant’s family injuring themselves on their property. All such incidents can leave landlords exposed to substantial financial losses.
The end of financial year is approaching fast. Very shortly, tax accountants will be requesting receipts of expenses incurred in the last financial year relating to rental properties to complete tax returns.
Executive Manager of leading landlord insurer Terri Scheer Insurance, Carolyn Parrella said landlord protection insurance is not only a tax deductible expense under current legislation, it’s also a small investment that can protect landlords from some of the risks associated with owning a large investment, such as a residential rental property.
“Landlords factor in costs for maintenance and repairs, but they can often overlook insurance for their rental properties which, for many of them, are their most valued assets,’’ Ms Parrella said.
“What you may not be aware of is that standard building and contents insurance policies generally won’t cover for many circumstances such as damage caused by a tenant or loss of rent. A landlord insurance product can help protect against such risks.’’
To find out more, visit www.terrischeer.com.au or call 1800 804 016.