We're new property investors and I was surprised to see in the house insurance policy that we, as landlords, have some special obligations.
We have to select our tenant carefully, including obtaining a reference
and
We have to conduct 3 monthly property inspections and keep a record of each inspection.
The reason I'm surprised is because when I rang and arranged insurance over the phone there was no mention of this, and when I specifically asked if there was anything extra I needed to know or do, due to it being an investment property, the answer was no.
Be aware, check your policy wording (this was Westpac home insurance - and I found it written in the policy booklet) as I imagine they could decline a claim if you hadn't met these conditions, even if you didn't know about them!
We have to select our tenant carefully, including obtaining a reference
and
We have to conduct 3 monthly property inspections and keep a record of each inspection.
The reason I'm surprised is because when I rang and arranged insurance over the phone there was no mention of this, and when I specifically asked if there was anything extra I needed to know or do, due to it being an investment property, the answer was no.
Be aware, check your policy wording (this was Westpac home insurance - and I found it written in the policy booklet) as I imagine they could decline a claim if you hadn't met these conditions, even if you didn't know about them!
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