Even the best tenant’s circumstances can change overnight: from the sole bread winner being unexpectedly laid off, to a death in the family; stuff happens, as they saying goes.
In almost all cases of tenant rent delinquency the root course is a sudden loss of revenue, which is usually accompanied by a sense of shame, in turn leading to a communication shut down.
Managing this situation takes great tact and understanding, although remedying the real bad eggs will ultimately mean taking the tenant in arrears to court. This is a process than can at best take some months, quickly using up the one month bond money. There is also no guarantee of a successful outcome.
It is very important, therefor to have good landlord insurance.
A good landlord insurance policy will protect you from:
- Loss of rental income.
- Protects those furnishings you forget, like curtains, carpets, blinds and light fittings.
- Protects your building against: loss or damage caused by tenants, their family or their invited guests.
We highly recommend Terri Scheer, who are Australia’s leading LandLord Insurance Specialist
For the cost of less than one week’s rent, you’re covered!