The peak industry body for real estate in NSW has launched a landlord insurance offering as fears mount over building quality across Australia.
REINSW has partnered with insurance broker Jardine Lloyd Thompson (JLT) as its authorised representative to distribute RealtyProtect, an insurance product designed by the real estate industry for their landlord clients across New South Wales.
The industry body said RealtyProtect is a cost-effective option for landlords and allows them to add building cover for an additional premium.
“Property managers have been very clear with us about what landlords look for in a landlord’s insurance policy and some of the key issues that can arise with rental properties,” REINSW business development manager John Tràni said.
“They expect certain ‘big ticket’ items to be covered to consider buying a policy. JLT has worked with us to create a policy based on the feedback of property managers that aims to meet the expectations of landlords.”
Mr Tràni said in the development of RealtyProtect, REINSW was determined to build a socially conscious insurance product.
“We take our corporate social responsibility seriously,” he said. “In the real estate industry, we’re putting people into homes every day. Whether it’s buying or leasing, it’s what we do, and we do it well. With RealtyProtect, we’re taking it one step further. For every RealtyProtect Landlord Insurance policy purchased — and every subsequent renewal — REINSW and JLT will make a combined $5 donation to The Salvation Army to assist people experiencing homelessness.”
RealtyProtect Landlord Insurance will also be distributed by property managers who are members of REINSW, who will arrange policies as authorised distributors of JLT and will receive commission for policies sold.
The launch of new insurance offerings comes after a string of building quality issues in Australia such as the Opal Tower in Sydney.
Right Property Group’s Steve Waters said recent news around construction problems are “the tip of a very dire iceberg” as most of the troubled unit towers are in the investor sector.
“That’s the very area where there is a pipeline of stock under construction and due to be released,” he said.
To celebrate the launch of RealtyProtect, landlords in New South Wales who purchase a new Landlord’s Contents policy will receive their first 13 months of cover for the price of 12.