Investment Property Insurance: How to Avoid Making a Claim

When you’ve put so much time and effort into your investment property, it’s little wonder that you need to have the right insurance in place to protect it. From water damage and vandalism to rent default and accidental damage, there are quite a few things that can go wrong! With that in mind, today we’ll be looking at steps you can put in place to reduce the chance of having the make an insurance claim.


Keep up maintenance

The most important thing you can do to avoid having to make a claim for your investment property is to keep up with all of your maintenance. This can avoid small issues becoming bigger issues and potentially causing damage. For example, you can avoid water damage by servicing your hot water system regularly and fixing any issues such as leaking taps immediately. Keeping your gutters clear and keeping trees cut will also protect your property during storms.

Protect your tenants

Your investment property insurance covers the liability to your tenants if they’re injured or damage occurs to their belongings on your property. As landlord, you have an obligation to keep them safe so make sure you fix any issues which they bring to your attention to avoid it resulting in damage or injury. Fix any dodgy railings, faulty electrical work or anything else that could cause issues for your tenants. If you have a pool on your property, make sure that it’s compliant with the current council regulations.

Screen your tenants

Damage caused by tenants is one of the most common investment property insurance claims so make sure you’re rigorous with the screening of your tenants before signing them on to a lease. Ask for references from previous rental properties and contact the previous real estate agent directly if necessary. If they have been in numerous properties in a short space of time, you need to be asking some questions. Also check their employment status, including proof of income with regular pay slips, so you can be confident that they’ll be able to pay rent.

What if you need to claim?

Even if you put as many measures as possible in to avoid making claims, the unexpected can happen which is why you have investment property insurance in the first place. In the event of a claim, simply contact your insurance broker. They’ll deal directly with the insurer on your behalf for a quick resolution.
At GSK Insurance, we provide investment property insurance for your Perth property. We understand that your rental property is a significant investment so we ensure that you have the right level of cover in place for the ultimate peace of mind. Don’t take the risk – protect your investment by speaking to one of our brokers today!
For investment property insurance Australia, contact GSK Insurance Brokers today on 1300 687 962.

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