REINSW’s new landlord insurance product, RealtyProtect, was designed by property managers for property managers and their landlords.
RealtyProtect landlord insurance provides investment security and protects landlords in the event of unexpected loss. It can not only improve your service offering; it also supports the real estate industry and gives back to the community. RealtyProtect has pledged $5 from every new business policy and every renewal to the Salvation Army towards people experiencing homelessness in our community.
REINSW’s landlord insurance specialist, John Trani, explains what to look out for when choosing landlord insurance and what makes RealtyProtect insurance so special.
“RealtyProtect is driven by the voice of the customer. We’ve asked literally hundreds of property managers what they wanted from a landlord insurance product, and what was important to them,” said John.
A regular landlord insurance policy contains four areas of cover:
- Tenant damage and loss of rent
- Contents insurance
- Building cover
- Legal liability
However, landlord insurance is unregulated, and all policies are different. John went on to explain what property managers should look out for.
“All legislation is about the consumer making an informed decision when they buy insurance. Ultimately the product should meet the landlord’s needs,” said John.
Through RealtyProtect, REINSW aims to provide a one-stop shop for real estate agents, a winning level of cover and at a very competitive price on landlord insurance packages.
Some important elements covered by RealtyProtect landlord insurance include:
- Loss of rent up to $1500 per week
- A property manager’s time at the tribunal to $500
- Locksmith costs up to $3000
- Fire and water damage
- Malicious damage to the property – repairs up to $65,000 and loss of rent up to 52 weeks
The RealtyProtect policy also includes issues relating to the tenant defaulting on rental payments including offering 20 weeks cover through the tenant defaulting due to hardship or domestic violence.
Through RealtyProtect REINSW aims to provide a one-stop shop for real estate agents, a winning level of cover and at a very competitive price on landlord insurance packages. The insurance premium is $360 per year with the first year’s insurance covering 13 months for the price of 12 months.