Letting Strategies – Choosing the right insurance 20 Dec 2018 - Investment Tips
Planning out and deciding on a letting strategy is vital to ensure your asset is working with and not against your set objectives. In this edition we will discuss the importance of property insurance and how to avoid simple mistakes.
A common misconception is that all landlord insurance policies cover all rental properties. In fact, permanently rented properties require different protection from short-term rentals.
Property owners should consider tailored landlord insurance policies that cover for both malicious and accidental damage, public liability and the loss of rental income.
Long tenancy insurance often covers between 10-15 weeks rent loss whereas short term letting policies normally do not cover rent loss. It is then imperative that your short term letting property manager puts in place strategies to ensure you do not lose out on rent monies.
For owners in Gold Coast Property Expo and Holiday Holiday letting pool that switch between permanent and holiday letting, we would often recommend a hybrid landlord insurance protection that covers both types of letting.
If you are still unsure about your landlord insurance protection or current letting strategy, email your property address and contact details to email@example.com for a complimentary assessment.