With the existence of COVID-19 Insurance companies have an increased risk exposure to claims for tenants being unable to meet their rental obligations whether your investment property is in Geelong, the Surfcoast ,Werribee or Melbourne.
Most Landlord Insurance Policies have an option for Rent Default which can cover the landlord for rent if the tenants stops paying rent before the lease expires or leaves the premises before the end of the lease. The Rent Default option can cover the rent lost up until the property is leased again or up to a certain dollar figure.
In the current climate, Insurance companies believe that this presents a risk that they do not want to offer for new policies. Many Tenants are struggling financially and also it many be hard for Landlord to get new tenants.
Some Insurance companies are not accepting any new Landlord policies at all at the moment, others are offering insurance without the rent default.
At Roderick Insurance Brokers, if you have a current landlord policy insured via us with Rent Default, in most cases we can provide renewal including Rent Default (in some cases for a reduced $ limit)
If you are looking to insure a new Landlord property we have many insurers who will provide a policy minus the Rent Default section.
We can provide quotes covering:
- Building
- Landlords Contents
- Loss of Rent
- Theft by Tenant
- Public Liability.
If the property is unoccupied or has been for a period of time, finding Landlord Insurance will be a more difficult task but as each situation is unique ,it is worth making contact with us to discuss.
In the coming months as we get better control over COVID-19 and the economy starts to recover we expect Insurers to be able to ease restrictions.
Please contact our office to receive a quote or complete our online quote form here .
