Landlord insurance is designed to offer protection when things go wrong. But not all policies are the same. And, not all providers offer the same type of service. So, how do you determine the best cover for your investment property? We chatted to one of our agent partners to find out just that…
Kylie Best founded Welcome Home Rentals in 2014 from her living room. While it was only meant to be a small operation, it has since grown to a team of five… and, she has traded her home office for an office space in the centre of Gympie, Queensland.
Having spent more than 10 years in the industry, Kylie has witnessed some dream tenancies… and some downright nightmarish tenancies. She says: “Insurance pays when a tenant doesn’t.” Below, we delve deeper into what she means by this. And, we ask her for some non-negotiables when it comes to taking out cover for an investment property…
What made you partner with a specialist landlord insurance provider?
In all honesty, it was realising how many loopholes there are when it comes to insurance, and how little is covered by mainstream insurance providers. It’s only when you’re knee-deep in a tenancy-gone-wrong, that you realise how important it is to have comprehensive coverage. I always say, if you need a new heart you go to a heart specialist, not to a GP. It’s really the same with insurance – by working with a specialist landlord insurer, there’s a greater understanding of what can go wrong, and policies are geared around investment risk rather than generalised risk.
Why do you believe it is important landlords protect their rentals with insurance?
To put it bluntly, the bond is never enough when a tenancy goes pear-shaped. Being adequately insured is the only hope an investor has of being able to rectify damages and avoid being thousands of dollars out of pocket. Regardless of how wonderful your property manager may be, he or she cannot control the actions of another person and when things go wrong, expenses can add up very quickly. Insurance pays when your tenant doesn’t.
What makes a good landlord insurance policy?
I always recommend our clients consider a policy that offers loss of rent coverage with no excess payable, one that allows the bond to be exhausted with cleaning and rubbish removal without being apportioned to rent, and one where you can speak to an individual who has been assigned to your claim.
What are some non-negotiables when it comes to cover?
What makes a good landlord insurance provider?
A fast, easy and successful claims processes. Your insurer never comes into question until you need to make a claim and that’s when you find out whether you’ve got a great insurer, or a bad one. Your insurer should be the soft place to fall when everything goes horribly wrong, not the company that ducks and weaves and shows you just how many loopholes or policy limits there are.
What differentiates EBM RentCover from other landlord insurance providers?
Having previously recommended an alternate insurer, I was very nervous about partnering with EBM RentCover. But I shouldn’t have been. The agent portal is amazing, I have my own rep that I can call any time for help and the coverage is very comparable (and even slightly cheaper) than the previous company we worked with. The real difference for me is the claims process – so quick and easy.
Do you have a successful claims story you can share with us?
I had my first claim just recently with EBM RentCover and it was a big one. The whole time that everything was unfolding, I kept reassuring the owner that she was covered (but secretly I was so nervous). The claim was all done through the online claims portal and it was so easy to follow. I couldn’t believe it when the almost $7,000 claim was settled only 48 hours later. Nothing was excluded, there were no policy limits, and it was so easy – I just couldn’t believe it. Our client had been through a lot of stress and I felt like such a champion when I got to give her the good news. We love EBM RentCover!
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