Insurance essential when bad things happen to good tenants

Even the best tenants can’t fully protect a landlord’s asset and income– as many landlords who had the misfortune to lodge RentCover landlord insurance claims last year can attest.

“My tenant was teaching his wife to drive,” said one claimant. “As she pulled into the driveway, she hit the mailbox and, amongst the panic, she hit the accelerator. They went through the front doors of
our rental property!”

Luckily, the landlord had a RentCover Platinum policy, which paid out more than $14,000 for the
cost of home repairs and rent lost while the property was being fixed.

Another case involved a burglary. “Burglars smashed up the place. They ruined their (the tenants’) stuff as well as our carpets, curtains and blinds.” A RentCover Ultra policy covered the landlords damage and loss of rent.

A third was a fire. “Our tenants woke up one night to find the apartment full of smoke, but there wasn’t a fire. It turned out one of the cars in the basement car park was on fire and the smoke was filling our apartment.  Extensive cleaning was needed to make it livable again.”

Thanks to a RentCover Ultra policy, the clean-up, replacement of damaged items and loss of rent did not come out of the owner’s pocket.

RentCover General Manager, Sharon Fox-Slater, said property managers needed to understand the importance of reducing risks faced by landlords.

“Even the best of tenants can suffer circumstances beyond your control or, for that matter, beyond the tenants’ control. Many different everyday situations can lead to occasions where rental properties are damaged and untenantable.”