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Landlord Insurance & Compliance

Landlord Insurance.

Landlord Insurance is an important aspect of your investment that is designed to protect the rental income that your property earns, the contents of the property (carpets, blinds, light fittings and any other household items owned by you for the tenant use), public liability, malicious & accidental damage, pet damage and theft.

We highly encourage all our owners/investors to take out a landlord protection insurance to ensure there is adequate cover in the unfortunate event of a claim. Policy limits vary for each company and will be specified in their Product Disclosure Statement (PDS).

Doing some research into the companies that offer a specific policy for landlords is important, and it is recommended that you refer to the Product Disclosure Statement (PDS) and Financial Service Guide for each policy to determine which policy is right for you.

We are registered agents with both Property Insurance Plus and EBM RentCover who specialise in both Residential Building and Landlord Protection insurances.

Property Insurance Plus.

EBM RentCover.

Terri Scheer.

FAQs on Landlord Insurance.

What insurance do I need as a landlord?

This depends on the type of property you are renting out. If your rental property is a house, you will need Building Insurance AND Landlord Insurance. State to your current building insurer that it will be a tenanted property so they can adjust your policy accordingly.

If your rental property is within a unit complex and within an Owners Corporation (also known as a Body Corporate or Strata) you will need Landlord Insurance. The Owners Corporation should already have insurance cover for the building and common grounds.

You will also need a small section of contents in your policy, advising your selected insurer that it is a tenanted property will allow them to adjust or add this into your policy.

What should I look for in a Landlord Insurance cover?

Here are some suggestions on items to look out for in a landlord insurance policy;

  • Policy cover for both fixed and periodic tenancies
  • Loss of rent cover for rent default, absconding tenants & release from leasing agreement
  • Loss of rent cover following insured loss or damage
  • Loss of rent cover due to death of a sole tenant
  • Loss of damage cover resulting from theft, attempted theft or burglary
  • Cover for accidental & malicious damage caused by visitors, approved & unapproved tenants
  • Cover for damage caused by pets
  • Illegal drug lab contamination clean up cover
  • Legal liability cover

Smoke Alarm Compliance.

Did you know that there is very strict legislation regarding smoke alarm compliance in rental properties, and as an owner of a rental property it is your legal responsibility to ensure all State and Federal legislation associated with your investment property are complied with.

At Ray White Morphett Vale, we have teamed up with LED4 Electrical Solutions to provide our landlords with peace of mind and a very affordable package – ensuring yearly care of your smoke alarm/s in your investment property.

Smoke alarms are a vital piece of safety equipment often overlooked and in a lot of cases, never tested, serviced or replaced when required.

FAQs on Smoke Alarms.

Can my Property Manager check the alarms for me at routine inspections instead?

The maintenance, service and/or repair required to smoke alarms is outside the expertise of a property manager, as it must be completed to rigorous standards by suitably qualified electricians. Sure, we can check to ensure they are present in the home however we are unable to verify if they are working correctly, in the correct location or if the alarm is expired.

What if there is a fault with the alarm during the yearly service?

A once yearly check and service of your smoke alarm(s) includes any return callouts if necessary, and also a written Certificate of Compliance statement after every visit, ensuring your property and you are covered to current legislation requirements.

What type of alarm will be installed as part of the service?

Fire & Rescue Emergency Services across Australia are urging property owners to install the new photoelectric smoke alarm, but it is not compulsory. These types of alarms detect slow burning and smouldering fires earlier than the ionization types of alarms. LED4 Electrical only install photoelectric smoke alarms.

What is involved with cleaning of the smoke alarms?

Smoke alarms have a life span of around 10 years, and should be cleaned every 12 months using a vacuum to remove dust or debris. LED4 Electrical clean the alarm with a vacuum cleaner not a brush, to ensure that it doesn’t just push dust into the sensor. Batteries should be replaced at least once a year to ensure correct operation, and it is recommended you change your smoke alarm battery the same time each year.

Where are the alarms required to be located?

At least one smoke alarm must be located between bedrooms and the most likely escape path on each level of every residential property. Avoid installing smoke alarms too close to air conditioners, heaters, fans and similar devices as these may affect the performance of the alarms. To minimize false alarms, avoid installing smoke alarms close to kitchens and bathrooms.