Insurance
Do you know if you have the correct amount of cover for your House and Contents?
Does your policy provide for the minimum amounts for Legal and Public Liability for owning an investment property?
Do you have Landlord Insurance and does it cover everything you need?
Unfortunately, Insurance is one of those things that isn’t needed, until it’s critical. Don’t leave it until it’s too late – it’s true that sometimes bad things happen to good people, so it’s important that your risk is minimised. Having your property professionally managed reduces the risks to some degree. However the cover you need should extend beyond the normal building insurance policy, which does not cover things like wilful or accidential damage to your property, failure to pay rent, or claims made against you by a tenant.
Your rental property may be one of the largest investments of your lifetime. There are many different policies and products available, so get expert advice to ensure you have the right cover for you.
Smoke Alarm Maintenance
Landlords have very complex legal obligations to ensure smoke alarms in investment properties in New South Wales are maintained and you will require a maintenance and installation programs to ensure you’re covered.
Simply put…
...you as the Landlord are responsible for the effective maintenance and working condition of smoke alarms in your property. Even if your Lease Agreement says otherwise, YOU are responsible.
Maintaining a smoke alarm is more than changing a battery or pushing a button.
Due to the increasing complexities and regulations relating to smoke alarms, First National Real Estate Yamba has called on Clarence Coast Smoke Alarms to complete our smoke alarm inspections and ensure your smoke alarm obligation are met and are compliant. The maintenance service ensures both your investment and your tenants are appropriately protected in the catastrophic event of fire at your investment property.
For further information, please download the Fact and Information sheet
Rental Property & Tenant Safety - Landlord's Risk
Landlords are in a difficult position regarding their exposure to personal injury claims from tenants for visitors to their property as they can be included in a claim or even held responsible even though they do not actively manage or visit the property. This is because you have a clear responsibility to ensure that the Tenant is provided with a safe property and free from issues that they should have reasonably been known about, irrespective of whether they personally inspected the property.
So you are not at risk, we recommend that all maintenance issues that arise are rectified in a timely manner or you may want to consider seeking an independent safety inspection of your property to identify possible hazards that could result in injury claims by tenants. By doing this, you have the confidence of knowing that you are providing a safe and superior property for tenants and your property should achieve higher rent returns and be more sought after by tenants.