PMs need to protect their landlords – and themselves
RentCover General Manager Sharon Fox-Slater said that property managers should never cancel landlord insurance if a client moves to a different agency – even if they were the ones who originally organised the cover.
“That insurance belongs to the landlord who, legitimately, would be entitled to believe they are covered, she said.
“There has been a case where a landlord sued his former agency for cancelling the insurance – and the agent was forced to pay hundreds of thousands of dollars and shortly afterwards went out of business.”
Ms Fox-Slater urged property managers to provide RentCover with a contact mailing address for the landlord, in case they lost the client, to ensure the landlord was aware when the policy was up for renewal.