Now is the time to check the extent of insurance cover that you have on your investment property. Does your policy include building, contents, strata (in the case of a unit), legal liability, loss of rent and malicious damage?
It is wise to insure your investment in the event of a natural disaster, storm damage, defaulting renter or fire. Most investment unit owners are under the impression that the owners corporation insures their unit. This is not the case!
The body corporate insurance extends to common areas only, therefore you should insure all contents such as paint, window coverings and light fittings.
We highly recommend to purchase renter provider contents & public liability insurance as a separate policy to the Owners Corporation insurance cover. Renter Provider contents insurance includes carpets, curtains, blinds, light fittings and electrical appliances not actually wired into your apartments & any furniture you may provide.
The policy also provides legal liability protection for any third party property which may occur at your apartment & for which you may be legally responsible. Loss of rent through the Strata cover is available only if there is an insurable event and hence do not rely on the loss of rent within the Owners Corporation policy.
As your managing agent we can assist you in sourcing a renter provider insurance policy that suits your needs. For a modest premium, renter provider insurance cover gives you peace of mind that your investment property is adequately insured.