Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

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

rpm logo latest

The word is out for real estate investors

By Sharon Fox-Slater
09 December 2013 | 1 minute read

sharon 2Sharon Fox-Slater gives the rundown on what property managers need to know about landlord insurance. 

Blogger: Sharon Fox-Slater, general manager at RentCover

Property management is far from simple – but that doesn’t stop the market from looking for easy answers in the form of catchy real estate acronyms.

Advertisement
Advertisement

Here are a few we’ve come across recently:

Tenants want SOAPStorage, Open plan, Access and Parking.

Get SAD to increase rent – Security, Air-conditioning and a Dishwasher.

Property is an IDEAL investment – Income, Deductions, Equity, Appreciation and Leverage.

Some investors take a PIE approach – Population growth, Infrastructure and investment and Employment opportunity and diversity.

That can mean the difference between being POOR and RICHPassing Over Opportunities Repeatedly. Residual Income Creates Happiness.

To be successful, be BRIEFBetter at what you do, Real, Informed, Energetic and Focused.

Unfortunately, there was no handy acronym on landlord insurance... until now!

Look for the VISA MODEL when assessing landlord insurance – Value for money, Inclusions, Service and Accidental damage. Malicious damage, Overall cover, Deliberate fire by tenants, Excess and Lease continuations.

Let’s examine each of these points in more detail.

Value – assessing the overall value of a landlord insurance policy means looking for more than just the cheapest premium. Unfortunately, some policies don’t live up to their glossy brochures.

Inclusions – some policies have exclusions which could leave you holding significant costs. Read the fine print.

Service – if a landlord needs to make a claim, prompt service is important. Check out customer reviews and ask colleagues and landlords about their experiences with various firms.

Accidental damage – some policies exclude accidental damage, which is a concern, because even the best of tenants can make mistakes.

Malicious damage – a good landlord insurance policy should include both accidental and malicious damage cover.

Overall cover – if there are risks the policy doesn’t cover, the landlord needs to be willing to carry those yourself.

Deliberate fire by tenants – some policies exclude this.

Excess – different policies carry different excess amounts, so it’s worth comparing these.

Lease continuations – leases are often extended on a month-to-month basis at the end of the initial lease agreement; some policies don’t cover investment properties after the initial agreement ends.

Unfortunately many property investors don’t read their policy documents until they need to make a claim.

It’s worth encouraging landlords to research their options when it comes to landlord insurance – and make sure the cover they select suits them.


About Sharon Fox-Slater
sharon 1Sharon Fox-Slater is the General Manager of RentCover, a division of EBM Insurance Brokers which insures 120,000 investment properties around Australia. With 20 years’ experience in landlord insurance, Sharon’s top priority is customer service and positive customer comments are her biggest marker of success. Despite leaving school at 15, Sharon has forged a ground-breaking career– she was the first woman to become a Fellow of the National Insurance Brokers Association. Sharon was recently honoured to have been included in Insurance Business magazine’s Elite. Brokers 2013 list.

The word is out for real estate investors
default
lawyersweekly logo

ABOUT THE AUTHOR


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.

Listen to other installment of the Real Estate Business Podcast
Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to 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.