Landlord insurance comes to the fore with SACAT delays
Delays in the recently-formed South Australian Civil and Administrative Tribunal (SACAT) have thrown the spotlight on the need for quality landlord insurance.
EBM’s Adelaide-based RentCover Executive Relationship Manager Wayne Johnson said some property managers were experiencing delays of a month or more to obtain a hearing.
“The longer it takes to get a problem tenant out of a property, the more risks add up – both in terms of lost rent and property damage. Unfortunately, the delays further expose those landlords who have sub-standard insurance,” he said.
Quality policies charge no excess for loss of rent claims and they allow you to take clean-up costs out of the bond instead of all the bond money automatically going to cover lost rent, he said. They also cover both accidental and malicious property damage, including arson.
“Landlords with a substandard policy who need to claim can end up thousands of dollars worse off than those who have done their research and opted for a quality policy.”
Wayne urged South Australian property managers to get their landlords to check on the quality of their insurance and to be hyper-vigilant about chasing up arrears – and lodging any subsequent requests for hearings – at the earliest possible opportunity.
The SACAT replaced the Residential Tenancies Tribunal and a number of other legal bodies on 30 March.
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