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Insurance insights
Tax time checklist for landlords
General Manager
In his role as General Manager at EBM RentCover, Edward brings more than 13 years of industry expertise...
Tax time is a good point for landlords to review their finances, but it is also an opportunity to step back and ensure your investment property is properly protected.
Here are four key things we recommend checking, because reviewing these now can help avoid gaps in cover and unexpected costs later.
1. Review your building sum insured
Property values (and more importantly, rebuild costs) can change over time. If your sum insured has not been updated recently, it may no longer reflect the true cost to rebuild your property to the same standard. Ensuring this figure is accurate is key to avoiding underinsurance if you need to make a claim.
2. Check your cover limits
With rents rising across many parts of Australia, your current policy may not reflect your actual rental income. Many landlord insurance policies place limits on loss of rent cover, so it is important to confirm that your weekly rental amount is fully covered.
3. Confirm your property details are up to date
Changes to your property can affect your cover. This includes:
- Renovations or upgrades .
- Changes in how the property is used (e.g. short-term or long-term rental)
- A vacant property
Making sure your insurer has the latest information helps ensure your policy remains valid.
4. Understand what your policy covers
Not all landlord insurance policies are the same. Take time to review what is and is not covered, any exclusions or conditions and waiting periods or limits.
TIP: Make sure your policy covers the key risks you may face as a landlord, such as loss of rent, tenant damage and pet damage. Standard home and contents insurance is not typically designed for rental properties and may not cover these risks, so having specialist landlord insurance is essential to ensure you are better protected.
If anything is unclear, speak with your insurer to avoid surprises at claim time.
To sum it up
A quick insurance check at tax time can go a long way in protecting your investment. As property values and rental income evolve, making sure your cover keeps pace can help safeguard both your asset and your income. Got a question about cover? Contact the EBM RentCover team on 1800 661 662.
*While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you need us we are here, contact 1800 661 662 if you have any questions.