Landlord insurance is your key "risk management" tactic when owning Residential Investment Properties, but it is not foolproof. You cannot completely eliminate risk from this or any other investment strategy. Your single goal is to have your property managed – and minimize – your exposure to risk and hence potential losses. One of the key elements to the Landlord Preferred Policy is the Loss of Rent cover. More than 97% of claims have been for loss of rent suffered by Landlords. And don't forget that often your building insurance may not cover the entire loss caused by Intentional Damage by the tenant and you need to have cover to complete your claim.
Tags: Landlord, protection, policy, rent, rental, loss of rent, bond, tenant, default, defaulting, damage, intentional damage, contents, insurance, real, income, flood, water damage, landlord insurance
Residential rental property includes such big groups like stand alone houses, apartment buildings, small multiple-unit properties, low-income houses and some other less popular and numerous units such as boarding houses. Residential rental property is the biggest category of the rental property segment in general compared to commercial rental property, and vacation rental property. Most of the transaction and investment operations dealing with rental property concerns residential rental property and it is obvious, because most people want to rent a property for living there but not for business.
The underwriterof the Landlord Preferred policy is NZI, a business division of IAG New Zealand Limited who have received a Standard & Poor's (Australia) Pty Ltd financial strength rating of AA-.
This means we have a ‘Very Strong' claims paying ability, as you can see in the scale below. As a customer, this is important to you as it's your reassurance that we will be able to pay your claims now and in the future.
|The rating scale is:|
The ratings from 'AA' to 'B' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
Owning your own business is sometimes a little stressful, with little thought for just how well your systems work, or indeed if your clients are happy with your service. So to see if we actually were 'doing it right' I entered REAL into the Northland Chamber of Commerce Westpac Business Excellence Awards and were proud and excited to win our category.
Undergoing the rigourous judging for the awards, made us look within to how we could improve and extend our services to our clients. The judges comments were insightful and very flattering particularly about the Passion that the staff all hold for our product, clients and customers.
Are you a landlord? Do you want to be? Do you or are you planning on buying residential property to use as rentals?
Well if you answered yes to any of the above, this article is for you.
First let me start out with the cold hard truth, being a landlord does not mean just collecting a rent payment once a month and spending the rest of your time on the golf course. Being a landlord can be frustrating and can take a lot of effort.
The other truth though, is that if done right, being a landlord can be fun and rewarding, both personally rewarding and financially rewarding.
The key is to know what the law allows and enforcing it if necessary.
Here are 5 tips that I have picked up during my years of Property Management.
REAL is pleased to announce they now have a freephone number for you to call to discuss any aspects of our Landlord Preferred Policy.