{"id":7267,"date":"2017-11-28T05:32:18","date_gmt":"2017-11-28T05:32:18","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/does-your-investment-property-do-what-its-supposed-to\/"},"modified":"2017-11-28T05:32:18","modified_gmt":"2017-11-28T05:32:18","slug":"does-your-investment-property-do-what-its-supposed-to","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/does-your-investment-property-do-what-its-supposed-to\/","title":{"rendered":"Does your investment property do what it\u2019s supposed to?"},"content":{"rendered":"

<\/p>\n

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The path to becoming the proud new owner of an investment property is rarely an easy one.<\/strong><\/p>\n

To buy an investment property, most Australians have to work hard, exercise extreme discipline and save money.<\/p>\n

They economise, go without and display real dedication to achieving their goals.<\/p>\n

But that sacrifice is usually worth it in the end, right? After all, that property should represent safety for the future and the income from rent could eventually set its owner up for life.<\/p>\n

So, if you\u2019ve just bought an an investment property, what would happen if, in the first week, your tenants spilled hair dye all over your brand new carpets and you needed to spend tens of thousands of dollars replacing them?<\/p>\n

\"Surry<\/p>\n

The safest way to protect an investment property is through landlord insurance. Picture: realestate.com.au\/buy<\/p>\n<\/div>\n

And what if they then upped and left so that they don\u2019t have to live through the work you now needed to do on the place you just bought?<\/p>\n

You could be receiving zero rent in addition to having to pay for a massive unforeseen cost.<\/p>\n

That\u2019s on top of still having to meet your mortgage<\/a> repayments.<\/p>\n

Suddenly that investment doesn\u2019t look so sound anymore, does it?<\/p>\n

A common scenario for landlords<\/h2>\n

This isn\u2019t a far-fetched or remote set of events.<\/p>\n

In fact, it\u2019s something insurance provider Youi sees all the time, and why they offer<\/a> landlord insurance to investors.<\/p>\n

Landlord insurance could protect a landlord from loss of rent, whether that\u2019s through an insured event, or unsafe living situation.<\/p>\n

It could also protect against damage tenants might cause to an investment property.<\/p>\n

\"damaged<\/p>\n

Landlord insurance protects against damage tenants might cause to an investment property. Picture: Getty<\/p>\n<\/div>\n

If you take up optional cover for tenant default, you could also be covered for any rent the tenant can\u2019t or won\u2019t pay.<\/p>\n

And that could give you great value for money as well as peace of mind.<\/p>\n

An even more common scenario for landlords\u2026<\/h2>\n

Bad tenants causing damage or not paying rent may be a landlord\u2019s greatest fear, there\u2019s something far more likely to happen.<\/p>\n

And that\u2019s something landlord insurance covers too: Nature.<\/p>\n

Youi research shows that a property investor is significantly more likely to suffer at the hands of a storm or flood than at the hands of a dodgy tenant.<\/p>\n

Youi\u2019s data also reveals that, over the past 12 months, storms and escaping water together have accounted for around 50% of all landlord insurance claims.<\/p>\n

In fact, storms \u2013 which made up 29% of all claims just on their own \u2013 were more common than claims from fire, theft and electrical burnouts combined.<\/p>\n

\"damaged<\/p>\n

Make sure your home is covered for storms. Picture: Getty<\/p>\n<\/div>\n

The only good news? With an average claim amount of $27,015, storm claims are not usually the most costly insurance claims landlords make, at least not on average.<\/p>\n

The dubious crown for most expensive landlord insurance claim goes, as you might expect, to fire.<\/p>\n

When fire strikes an investment property, the average claim size is a whopping $399,378. And all it takes is a simple accident with a pot left on the stove\u2026<\/p>\n

Ask yourself, how would you pay for that without landlord insurance?<\/p>\n

The claim after the storm for landlord insurance<\/h2>\n

If you own an investment property, landlord insurance can still help out, even after you\u2019ve repaired damage or been compensated for the non-payment of rent.<\/p>\n

For instance, Youi landlord insurance covers you for the cost of replacing the locks and keys, furnishings and even clean-up and professional costs.<\/p>\n

It will also pay for up to $1,500 of counselling services.<\/p>\n

In other words, insurance doesn\u2019t just help get your property and your investment back on track, it helps get your life back on track too.<\/p>\n

This information has not taken your personal objectives, financial situations or needs into account. You should read the relevant Product Disclosure Statement of your policy, which contains full details of conditions, limitations and exclusions and consider which insurance product is appropriate to you before making any decisions about what\u2019s right for you.<\/em><\/article>\n

\u00a0<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The path to becoming the proud new owner of an investment property is rarely an easy … Does your investment property do what it\u2019s supposed to?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7268,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[1403,12908,543,698,289,408,41,818,907,3053],"class_list":["post-7267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-home","tag-home-buying-guide","tag-insurance","tag-landlord","tag-mortgage","tag-property","tag-real","tag-tenant","tag-tenants"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Surry-Hillys-apt-2-2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=7267"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7267\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/7268"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}