Powered by MOMENTUM MEDIA
realestatebusiness logo
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

news image

Why coaching has become that much more important for agents

July 02, 2020Emma Ryan

The value of coaching and mentoring in real estate cannot be understated, with a Ray White agent proving just how integral efforts made towards both are. ...

REB_top100agents
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

VIEW COMPLETE REPORT

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
TECH MARKETING SALES BETTER BUSINESS PROPERTY MANAGEMENT
Openn Negotiation NZ reb Real estate platform broadens national scope

A local real estate sales platform has expanded its horizons to Australia’s easterly neighbour. ...

online house buying reb Agents urged to upskill bidders and vendors on rea ...

With virtual online auctions in full steam ahead during the pandemic, one company is encouraging agents to embrace tec ...

real estate online reb Real estate platform posts 55% growth year-on-year

realestate.com.au has set a new record, increasing its audience by 55 per cent year-on-year. ...

pile documents reb REINSW launches own contract creation tool

A new online program is set to revolutionise the sales process and get properties to market quicker than ever before, ac ...

Tom Panos Live 020720 What’s Making Headlines – The week concluding ...

What’s Making Headlines is your new source for all the very latest in Australian real estate news. ...

Fiona Blayney WEB How this thought leader has weathered the COVID-19 ...

According to the recipient of this year’s REB Awards Industry Thought Leader of the Year, the global pandemic has prov ...

Brian Whiteman web How this agent is continuing to hit goals through ...

Although many traditional real estate offices have struggled under the remote working conditions dictated by the coronav ...

Tom Panos Live 190620 What’s Making Headlines – The week concluding ...

What’s Making Headlines is your new source for all the very latest in Australian real estate news. ...

Tom Panos Live 020720 What’s Making Headlines – The week concluding ...

What’s Making Headlines is your new source for all the very latest in Australian real estate news. ...

Fiona Blayney WEB How this thought leader has weathered the COVID-19 ...

According to the recipient of this year’s REB Awards Industry Thought Leader of the Year, the global pandemic has prov ...

Brian Whiteman web How this agent is continuing to hit goals through ...

Although many traditional real estate offices have struggled under the remote working conditions dictated by the coronav ...

Tom Panos Live 190620 What’s Making Headlines – The week concluding ...

What’s Making Headlines is your new source for all the very latest in Australian real estate news. ...

Positive Mindset in Business reb The impact of a positive mindset in the business o ...

Let’s be real: running a business or an office is stressful. Here’s a quick rundown of some insights on keeping yo ...

Cameron Black reb Lies and statistics: Has the property market actua ...

It seems like there has been a huge change of sentiment in the last month as a confluence of factors has come together t ...

short 850x400 june2019 How to get that big win

Getting a big win is more than just sales. It involves strategic planning and setting goals, according to real estate bu ...

MeganSmith 050719 cropped Ray White’s Megan Smith sells $14m property in B ...

Ray White Balmain sales dynamo Megan Smith has sold one of the most expensive houses in Australia this year, with the pr ...

2calculator850x400 apr17 How fragmented investment is changing real estate

Investors are being urged to look at alternative property strategies, including fragmented property ownership, as a way ...

residential property build reb Are dodgy builders putting home owners at risk?

Home owners are urged to be mindful about those they engage for building services, following an investigation into a ...

Perth aerial new reb Standard agreements set in stone for WA mobile hom ...

Western Australians who call residential and caravan parks home will be better protected after new laws were passed by S ...

Bartier Perry reb Stern warning for SMEs refusing to engage with lan ...

Small and medium-sized businesses who are using COVID-19 as an excuse to refuse to either pay or engage with landlords ...

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..

Learn more >
FROM THE WEB
Recommended by Spike Native Network
Do you have an industry update?

Rental reforms and landlord insurance

06 February 2020 Sharon Fox-Slater
Sharon Fox-Slater

Rental regulations around Australia are set to change in 2020 as the number of Australian renters continues to climb.

While the specifics of the reforms differ across the states and territories, key changes are being implemented that have the potential to impact landlord insurance. 

NSW, Victoria and the ACT have already legislated changes with all three governments moving to give tenants more control over their environment, with fewer restrictions on pets, permission to make minor modifications to rental properties, limitations on rent hikes and no penalties for domestic violence victims who break a lease.

Implications for insurance

Advertisement
Advertisement

A number of the rental reforms have the potential to impact landlord insurance cover, and landlords and agents should review existing policies to ensure cover is adequate.

Key changes and insurance cover (make sure you check the legislation in your state to determine the exact impacts on your investment):

  • Pets

In many jurisdictions, landlords will not be able to refuse tenants keeping pets at the rental. While it is the responsibility of the tenant to repair any damage caused by their pet, in the event they fail to make good, landlords may look to their insurance. Many landlord insurance providers do not offer cover for pet damage at all, may impose low claim limits or place restrictions on cover (such as naming the pet on the lease). Landlords should check that their policy includes pet damage, the limits of cover and any conditions. EBM RentCover policies provide up to $65,000 for pet damage and place no onerous conditions on cover.

  • Modifications

Tenants in most states and territories will be able to make minor modifications to their rentals without landlord permission. As any type of work at the property increases the risk of accidental damage, landlords will need to check they have cover for this as some insurers only offer this as an additional level of cover (EBM RentCover automatically provides up to $65,000 cover for accidental damage). Certain works also need to be undertaken by licenced trades, such as plumbing and electrical, and failure to do so could void the insurance. In addition, there could also be an increased liability risk from injury or property damage. And while most legislation includes provisions for the tenant to return the premises to its un-modified state upon the end of the lease, if they don’t, the landlord may need to claim for tenant damage on their insurance. Modifications (minor or otherwise) made without the landlord’s consent were previously considered by many insurers to be ‘deliberate’ or tenant-related damage. Most insurers do not offer cover for this type of damage. EBM RentCover considers tenant-related damage claims on a case-by-case basis.

  • Breaking leases

Being implemented and under consideration are new rules concerning breaking leases and tenants not incurring penalties for doing so (primarily in domestic violence situations). Any changes to responsibilities for broken leases which result in landlords being left out-of-pocket could impact loss of rent claims. Policies should be reviewed to check loss of rent provisions and the terms and conditions that apply to claims.

  • Minimum standards

In general, the condition of a premises can have a direct impact on whether an insurer will take on the risk and offer cover. The introduction of minimum standards may contribute to an insurers’ assessment of the property’s risk profile. Substandard properties (those which fail to meet health and safety requirements, which already exist in various acts, regulations and codes) are unlikely to be insurable. In addition, it is already a condition of most building policies that the premises must be maintained and failure to undertake maintenance can void a policy. 

By Sharon Fox-Slater – Managing Director of EBM RentCover

Rental reforms and landlord insurance
Sharon Fox Slater reb
lawyersweekly logo
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.

FROM THE WEB
Recommended by Spike Native Network
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.