The Coronavirus outbreak and the impact on landlord insurance… fair wear and tear versus damage… breach notices… what to do if a tenant passes away… changing legislation – these were the topics that caught the eyes of landlords and property managers in 2020.
As we kick off a new year, we are looking back at some of the stories we have written, that you loved. Here are the stories that gripped landlords and property managers in 2020…
COVID-19 and the impact on landlord insurance
It is no surprise that our most-read article in 2020 was about the Coronavirus outbreak and its impact on landlord insurance. Here, we answered a bunch of questions about how EBM RentCover policies responded during the pandemic.
The great debate: Is it fair wear and tear or damage?
Coming in at #2 was an article looking at the differences between ‘wear and tear’ and ‘damage’. It is not surprising this is a popular article as the differences in damage cause a conundrum for many landlords, agents and tenants. Here, we break it down for you.
What to do if a tenant passes away
Again, it is not something an agent or landlord wants to think about, but the death of a tenant is something many do face. Do you know what to do if a tenant dies? The right response could save landlords and property managers from confusion, stress and even legal problems. Find out more here.
The impact natural disasters have on premiums
We know premium increases are not always welcomed news (especially during a pandemic). However, at EBM RentCover we believe in being transparent about the reason why our policies are seeing a change in price. That is why we dedicated a whole article to rising costs and (more importantly) the reasons why. It appeared EBM RentCover clients appreciated the openness, as this article was one of our most read articles in 2020.
Changing legislation and landlord insurance
In 2020, we wrote an article about NSW, Victoria and the ACT moving to give tenants more control over their environment, with fewer restrictions on pets, permission to make minor modifications to rental properties, limitations on rent hikes and no penalties for domestic violence victims who break a lease. The changing rental regulations had many landlords and property managers intrigued!
This is why landlords and property managers need to be proactive
Back in ‘the good old days’ (pre-COVID), once a landlord had purchased the right investment property, protected it with the right landlord insurance, and engaged a great property manager to find the best tenants and look after the rental, they could pretty much set and forget. The events of 2020 turned that philosophy on its head. We explained more here.
Vacant properties – covered, not covered?
As a landlord, you might find your rental is empty for an extended period for one of two reasons. First, by design. For example, if you tap into the student market so it is only occupied in-term, you only lease out your holiday home during peak season, you are renovating or have some other reason to leave the premises empty. Secondly, it is vacant due to circumstance – perhaps finding a tenant is taking longer than expected, your tenants are away for an extended period during the lease (e.g. overseas or in hospital) or extensive repairs are needed. Either way, if your rental is vacant, you may find your insurance is no longer valid. Read more here.
Landlord insurance – what is covered and what isn’t?
Landlord insurance is a wise investment for owners who lease their property. It generally provides protection for the main risks landlords face, but it doesn’t cover every possible situation as the overload in risk would make insurance unaffordable. So, insurers need to strike a balance between providing cover for the most common eventualities, while keeping their level of risk at a manageable level. This article helps clients to determine what is and isn’t covered.
Could you be managing a drug lab?
The harsh reality is… people looking to set up drug labs often target rentals. Within the privacy of their rented four walls, some tenants are secretly growing and manufacturing illicit drugs including cannabis, methamphetamine, ecstasy and GHB. So, what should you look out for? Find out here.
At EBM RentCover, we want to make sure our landlord and property manager clients are educated with the knowledge needed to make informed decisions about insurance for investment properties. We achieve this through our online Info Centre and by being there when you may need help – 1800 661 662.
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