What happens when your landlord’s rent stops?
Protect your landlords. Protect yourself.
At Real Landlord Insurance Ltd, we pride ourselves on providing a superior insurance product to landlords and their property managers.
In addition to the advantage this product provides as a listing tool to secure new managements, it is also a powerful risk management aid.
Providing peace of mind for landlords , our Landlord Preferred Policy also protects you, the property manager and your company. Fristly, against loss of commission and secondly, you will have fulfilled your duty of care to the landlord and cannot be accused of negligence in your responsibility to provide advice to your landlord.
A significant percentage of all professional indemnity claims relate to the property management industry. If a tenant makes a claim against a landlord who doesn't have insurance, the tenant's lawyer will find someone else to be involved in the claim. More often than not, the next person in the firing line is the Property Manager. In the case of permanent disability, or even death, this could amount to millions of dollars in compensation.
It is now expected that a landlord will delegate their duty of care to the Property Manager under the management agreement.
More frequently, courts are saying that when landlords sign agreements to have their property managed by a professional, they are delegating their duty of care for that property to the Property Manager. The only way Property Managers can adequately protect themselves and the agency they work for, against legal liability claims, is to take preventative measures.
If landlords don't have building insurance, they don't have liability cover.
From a Property Manager's perspective, landlord insurance is as much about protecting yourself as it is your landlords. If a tenant stops paying rent it's not only the landlord that incurs a financial loss. No rent means no commission for your office.
When something goes wrong wouldn't it be a far easier telephone call to the landlord if you could say, "but, that's why you have insurance"!
Another training session is being planned for our clients.
It is always so gratifying to know that our Approved Property Managers are keen to attend another training session that will equip them with knowledge about our Landlord Preferred Policy. Not only will they hear about our new benefits being included in the new policy wording, but they will also hear about the claims process and how the policy works best for their investment owners.
Regular webinars take place each month to ensure that our Approved Property Management companies are kept abreast of any changes to the policy or claims that have occurred - so that they can ensure they are receiving the best cover for their clients.
If you would like to attend the next webinar - now scheduled for early 2013 please send us an email by clicking on the link below