Hi all
Do any of you know about some ‘fine print’ in insurance policies?
Whether it is landlord, tenant or building insurance. Landlord insurance covers inside of the property, tenant covers rental income, building insurance covers external of the property?
and is it true there is sometimes a clause to look out for:
if the property is left vacant for 3 or 4 months, and someone breaks in or throws rocks through the windows etc. that the damage then is not covered by the insurance policy?
thanks all!
alex
Answers come from the courage to ask
Hi Alex,
It would depend on the insurance company and I would suggest you ask any questions you may be concerned about as each are different.
[biggrin]
Cheers
Fluffy
alex,
That is a pretty standard clause in a residential insurance policy. You are required to inform the insurer if the property is going to be left vacant for an extended period. This even appies to you PPOR if you plan to go overseas for a couple of months.
A landlord insurance policy can include all of the components you mentioned. It’s just a matter of whether you include them or not.
If say you have a house you would insure the building, contents, rent default, tenant damage, loss of rent … etc. But if you own a unit , you would generally not insure the building as this is usually included as an expense incured by the body corporate.Mal
Getting out of your comfort zone, can help you become comfortable
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