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‘Staggering’: Sydney vacancies reach record highs

July 10, 2020Grace Ormsby

COVID-19 is continuing to wreak havoc on vacancy rates in Sydney, with vacancies up for the fourth consecutive month. ...

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top 10 agents

1

Alexander Phillips

Year of Experience: 20

Support Staff: 3

Residential Properties Sold: 215

Total Value of Residential Properties Sold:

$ 522,477,791

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Have you experienced sexual harassment or bullying in the workplace?

Yes, I've been the victim of sexual harassment (15.8%)
Yes, I've been the victim of workplace bullying (21.1%)
No (63.2%)

Total votes: 19
The voting for this poll has ended on: April 30, 2020
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EVENTS
REBAWARDS Listready
Real Estate Business Awards 2020

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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Do your clients have the right insurance?

12 September 2017 Sharon Fox-Slater

Most landlords would agree that protecting their investment property with insurance is an absolute necessity, but a staggering number actually have the wrong insurance.

Figures from the Landlords’ Advisory Service reveal that 40 per cent of landlords do not have specialised landlord insurance, leaving themselves at risk financially.

Many landlords rely on a standard home and contents policy to protect their investment, little realising the following limitations of that cover when the property is rented out:

• Building insurance

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Typically covers the bricks and mortar of the property (and fixtures), and is likely to cover events like fire or flooding.

• Contents insurance

Covers the policyholder’s belongings (e.g., carpets, curtains and furniture) in the property against damage and theft. It’s important for landlords and tenants to understand that the landlord’s insurance doesn’t cover the tenants’ possessions, so tenants need their own contents policy.

• Strata or body corporate insurance

Covers the physical building and common/shared property. This insurance does not cover the contents (which may also include fixtures and fittings) inside the apartment or unit.

Generally, none of these policy types will cover investors for damage or risks associated with renting out their properties. Without a specialised landlord cover, tenant damage (accidental or malicious) or theft of the owner’s property by the tenant, is not covered, and it’s only through specialist policies that cover for loss of rent is available.  

At RentCover, around two-thirds of all landlord claims are for loss of rent. Take these two recent claims, for example:

1. Arrears 

After moving into an apartment in February this year, a tenant immediately fell into arrears. Many excuses were made for failing to pay the $1,275 p/w rent. The agent issued a termination notice, but the tenant refused to vacate. An application to VCAT saw the agent awarded possession of the property, but the tenant still refused to leave. In the end, a warrant of possession was obtained and the sheriff evicted the tenant. The policyholder was paid an $18,000 claim for lost rent.

2. Sewage 

The tenants of a $600 p/w Queensland house were forced to leave the property after the main sewer pipe blocked spewing sewerage into the home. Given the health risks, the property was immediately vacated and repairs were started to make the home habitable again. In addition to repair costs, the policyholder claimed $12,000 in rental losses.  

Both claims show the value of landlords having cover that responds to tenant-related risks including loss of rent.

Do your clients have the right insurance?
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Sharon Fox-Slater

Sharon Fox-Slater

Sharon Fox-Slater is the Managing Director of EBM RentCover, which protects more than 150,000 rental properties across Australia. She commenced a role with EBM back in 1993 and was part of the core team that helped launch one of Australia’s first landlord insurance policies into the market. She was also the first woman in Australia to complete the Advanced Diploma in Insurance Broking, and is well equipped to educate property investors and property professionals about the value of aligning with a specialist landlord insurance provider.

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