I privately manage my own fully furnished property and I am about to have a new tenant move into my property.
I have building insurance (the whole body corporate shares the one common insurance policy) and contents insurance (individual). I want to get landlords insurance and will cancel my contents and combine the two into one.
What is the best landlords insurance you guys can recommend? At this stage I am looking into Terry Scheer and Property Insurance Plus.
For loss of rent is there normally a waiting period before you can be entitled to receive loss of rent cover? What happens if my tenant stops paying rent within the first month or two? Are you usually covered or do the insurance companies normally get out of this by saying the landlord did not undergo all necessary credit checks? The guy moving into my unit will be >70 years of age who is on a pension of about $450pw required to pay $310 rent pw. Could the insurance company use this against me if he defaults?
Is there an age limit of hardship/death cover?
If I start my cover for the date he moves in and he misses the second months rent will I still be covered?
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