WHY YOU NEED LANDLORD INSURANCE - 2018 CASE STUDY
By Bernie Tynes
Recently we had a number of incidents relating to water flooding of apartments for various reasons, a tenant left a tap on, a burst hot water tank and over 10 properties were damaged in the recent storms. On the first two occasions the tenants were overseas at the time.
As a result, the apartments were completely flooded and required expensive recovery costs to extract the water and rectify the damage including;
- Extraction of the water
- Drying the carpets including the hire of commercial driers and re-stretching carpet
- Steam cleaning and deodorising the carpet
- Damage to common areas and 3 neighbouring apartments
- Loss of rent and alternative accommodation costs
In both instances neither of our landlords had landlord insurance and the subsequent cost was in excess of $3000. Fortunately we were able to save the carpets however if they had landlord insurance we could have replaced the carpets. Essentially they could have had new carpet for $250 (being the cost of the excess).
The tenants returned from their overseas trip to find their apartments completely flooded and damage to their property and the commercial driers making noise for the next 5 days.
Landlord insurance with AON costs only $343 per annum and is completely tax deductable. It would have saved the owners over $3000 in unnecessary costs and stress.
To arrange Landlord Insurance today please email firstname.lastname@example.org. Give yourself the peace of mind that if this happened to your property, you are covered.