The mortgage brokers at Smartline Rockingham handle more than just residential home loans. We also broker investment property loans and provide insurance. We enjoy working with small property investors who are becoming landlords for the first time. We know it can be exciting and overwhelming at the same time.
One of the most important things you can do for your investment property is to protect it against malicious and accidental damage. Here are a few things to keep in mind if you have investment property or are in the process of purchasing it.
No matter how great you or your property management team are at “vetting” new tenants, even great tenants are going to have occasional accidents. According to the Australian Bureau of Statistics, 30% of injuries happen inside of the home.
In other words, accidental damage to one of your properties is just part of being a landlord. The best thing you can do is to be ready when accidents happen.
Insurance Coverage is Different for Malicious vs Accidental
When damage happens to your property, insurance adjustors differentiate between malicious and accidental. Many policies pay out more for malicious damage than they do accidental. It is to your benefit to know your insurance policy and make sure any “gaps” are covered.
Regular Property Inspections are Crucial
It is crucial to inspect any rental property on a regular basis. The intent isn’t to “catch them in the act,” though. The purpose for these inspections is to find and repair situations that could worsen, such as wear and tear or accidental damage, before they become bigger problems.
The Mortgage Brokers at Smartline Rockingham Have You Covered
Call a mortgage broker at Smartline Rockingham today. We can go over your loan and your insurance to make sure you are covered for any eventuality. It is also important for you to do your part by making sure your tenants live in a home that is in good repair and not likely to cause accidents.
Call us today: (08) 9527 1800.