Insuring Your Property - What You Need to Know

Though it’s tempting to under-insure now and save a few dollars, adequate insurance is essential for Wellington landlords to help recover their investment property and rental income from damages. Here are the essentials you should make sure your insurance policy covers.


The Essentials


Property

Protecting your Wellington investment property from damage ranging between natural disasters and vandalism is essential, but most landlord’s don’t realise it’s also a good idea to ensure your insurance policy protects your property against gradual damage as well. Tenants don’t always report water leaks, or even notice the damage for a long period, making insurance against gradual damage necessary for many Wellington landlords.


Landlord Contents


Often landlords who let unfurnished properties don’t bother with contents insurance, but this insurance covers more than just furniture. Content insurance covers the landlord’s contents, fixtures and fittings, such as floor coverings, curtains, dishwashers, making it a good policy for many Wellington landlords whether their property is furnished or unfurnished.


Loss of Rent


From time to time many landlords suffer from rent arrears, so it’s a good idea to use an insurance policy that will protect you from tenants leaving without notice, and from evictions, intentional and malicious damage, and damage caused from illegal drug contamination. Depending on your insurance provider, you can also claim up to 8 months rent if your investment property is made uninhabitable by loss or damage covered under the insurance policy while tenanted.


Other Handy Options


Liability

Legal costs can get expensive, protect yourself against any legal claims made against you as landlord with liability insurance. For more information on liability.


Full Replacement Insurance

Did the Oseki legal case scare you? Protect your Wellington investment property with full replacement insurance that can rebuild your entire investment property after certain hardships, including house fires, because a few extra dollars now is a lot cheaper than rebuilding a whole house later on.


Some Final Words


Check The Excess

Check the excess in your landlord insurance policy. It’s enticing to increase the amount of excess you’re required to pay on any claim to help make your insurance cheaper, but this prevents you from being able to claim on smaller items which usually occur more frequently than those big disasters you’re afraid of.


Check For Any Claim Requirements

Be aware that some insurance company’s provide requirements that must be satisfied before landlords can make claims. Some insurance policies require landlords to prove they’ve completed a thorough tenancy selection process before honouring claims.

To get landlord insurance, check out Tower InsuranceAA InsuranceAMI Insurance and other insurance providers. If you’re unsure about what rental insurance policy is best for your Wellington investment property, chat to an insurance broker for more advice.

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