As a property owner, you are well aware that letting a property can be risky, even when professionally managed.
While you and your property manager may think you have trustworthy tenants, you can never be absolutely sure that they will take care of your property in the same way you would.
Tenants may run off without paying rent, they may leave behind such damage that your property will be unable to be re-let for weeks even months.
If you have not already got landlord protection insurance I strongly recommend that you acquire it.
For approximately $250.00 per year these policies will protect you from up to 6weeks undue departure of your tenant, default in payment of rent by up to 15 weeks, and untenantable premises following damage up to 52 weeks rent and much more.
Over the years I have heard and witnessed some terrible events inclusive of properties being set on fire, being painted weird wild and wonderful colours, and tenants just disappearing off the face of the earth leaving a tornado of damage behind for the landlord to fit the bill.
Your bond only covers so much so don't get caught paying your tenants bill, and a word of warning the residential tenancies board protects tenants not landlords.
Hot tip: The best policy I am yet to see that gives you the most for your money is the Landlords property one policy put out by the real estate institute of NSW. You can contact them direct on 02-9261-4155. Happy Spring purchasing.
