Hi,
First time property Investor here.
I have read Steve’s first book and been researching properties for a bit over a month and have just put in an offer which was accepted on my first Investment Property.
Im curious about what the best type of Insurance i should get for this property.
Its leased back to the Govt untill feb 07 so defaulting untill then shouldnt be an issue.
Im looking at a standard landlords Insurance from Western QBE
at the moment but any advice would be much appreciated.Cheers
Kroc
Kroc,
For starters get the standard building and contents insurance in place NOW. Once you have exchanged contracts, you have an interest in the property and should insure it as such. Do not wait until settlement date, because if anything goes wrong between now and settlement , you may find out the hard way that you are out of pocket a lot of money.
I’m not sure if I’d bother with rental default or tenant damage insurance if its leased to the government.
Mal
Getting out of your comfort zone, can help you become comfortable
I’m with Shwing..get a cover note at least now to cover yourself as its ambigious at best as to who has what interest in the property..Trees have fallen on houses during the period prior to settlement..dont assume its not your problem
That said,
Landlords insurance is still worth it IMO
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThanks for your advice
On the REINT standard offer to purchase there is a line that reads
Insurance: The property will remain the risk of the vendor untill date of settlement or possesion.
If this is quoted are your concerns still valid ?
Kroc
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