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Five Top Tips for Avoiding Landlord Insurance Pitfalls (including introduction tip)
Landlord insurance is vital for every property investor. Just like building insurance covers you for the unexpected, landlord insurance also covers you against unexpected loss like rent default and malicious damage.
Five Tips on Pets in Rental Properties (including introduction tip)
The goal of every property investor is to rent the property to good tenants. Many good tenants are families with pets, and you need to decide whether or not you will allow pets into your property.
Not everyone has a sense of fair play, especially where money is concerned. This can cause a great deal of stress for the person to whom the money is owing. Especially so in an area of business where the money is needed to cover ongoing financial commitments. If someone buys a second home as an investment with the idea of paying off the mortgage with income derived from renting it out, defaulting tenants could seriously affect their plans. The investor or his chosen property manager would then have to take court action to regain vacant possession of the rented property.
Going to court to remove tenants can be costly
Having to go to court to get a warrant for the removal of the tenants can cost money that is needed elsewhere. There is also the time involved to secure the warrant that has to be taken into consideration. If the investor has not signed with a property manager he will be obliged to take time off work to do this personally. This could be a problem for his employer. The problem is made greater if the tenant steadfastly refuses to vacate the premises. However taking out landlord insurance can cover a certain amount of the losses. If your investment has been put in the hands of property management Brisbane they will arrange this for you with your consent.
Landlord insurance protects your investment
It is a wise move for you or the property management Ipswich to arrange landlord insurance to cover your investment. This gives you the security of knowing losses can be minimised. Where a tenant is in arrears and refuses to leave, meaning you have to apply for a court warrant, some insurance policies will pay up to fifteen weeks of lost rent. If court action becomes necessary, some policies could also offer up to five hundred dollars per annum to help cover the expense of being represented in court. Check with your property manager if you have one to see if this clause can be added in your policy.
Should the tenant still refuse to budge after court action, the amount of rent loss could be covered by as much as twenty-eight weeks. If the tenant has not returned the keys to the premises, some policies will pay a specific amount to cover the cost of replacing new locks and keys and the number needed for a house can be costly. Having the insurance will take a load off the shoulders of landlord or property management, and getting a warrant will not be as stressful.
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