8 August 2019
As an agent insured through Realcover, you have coverage of risks relevant to the real estate industry. Your claims are handled by experts in real estate practice and you have access to free claims advice.
No matter what business you're in, having the right insurance is critical. Without it, you are putting your assets at risk. And it’s not just the potential damages that may be payable. It's the cost of defending claims made against you.
Thankfully, you’re covered through Realcover’s professional indemnity insurance, but what about your landlords? What protection do they have for their investment – the property you manage?
Landlords’ insurance provides essential risk protection for both landlords and property managers.
According to John Tràni, Business Development Manager at REINSW, it is now best practice for property managers to discuss the financial risks a new landlord may face and how to manage these risks with a comprehensive landlords’ insurance policy.
“The number one reason property managers should ensure their landlords have the best landlords’ insurance is because many policies on the market don’t offer adequate cover,” he says.
“As an agent, you care about your client’s investment. They look to you as a professional for advice and, while you can’t give specific financial advice, it’s important that you inform them protection is available.”
Tràni says there are risks inherent in owning a property and even with the best checks, many issues can arise that affect return on investment.
“If a tenant’s circumstances change, there is a storm, fire or other damage to the property, the value of the landlord’s investment is impacted, and their income may be affected,” he says.
“With the right landlords’ insurance, the property, lost income and damage is covered, and the property is back on the market quicker. It’s great for the landlord and makes an agent’s job easier.”
“RealtyProtect is a new landlords’ insurance policy endorsed by the Real Estate Institute of NSW, the peak industry body for real estate agents across the state,” says Tràni.
“The policy provides comprehensive coverage. It’s quick and easy to place cover. Pricing is competitive with commissions available. It’s comprehensive coverage made easy.”
Tràni says RealtyProtect worked with NSW property managers to identify what landlords look for in an insurance policy and the key issues that can arise with rental properties.
“Landlords expect certain ‘big ticket’ items to be covered, otherwise the policy will be a ‘no go’,” he says.
“From the maximum weekly amount for loss of rent and how excesses are charged to coverage for damage resulting from a domestic violence incident or drug manufacturing, RealtyProtect provides comprehensive protection for landlords.”
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