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INSURING YOUR HOME
How to know your investment property is in safe hands
Investment properties are a popular choice of investment for millions of Australians. As a result, residential investments are a significant source of revenue for the Australian economy and financial market. According to the Australian Bureau of Statistics, investment housing represents nearly 20% of total housing finance at September 20181.
So, if you’re one of the many Australians with an investment property, then protecting it from unexpected damage is something you may need to consider. It doesn’t matter if you’re new to the property game, or if you have multiple investment properties in your portfolio, here are a few things that will help you know that your investment property is in safe hands.
Make sure you have landlord insurance
As the owner of an investment property, you may be thinking about Landlord Insurance. GIO offers three different kinds:
- Landlord Building Insurance, if you just need to cover the building;
- Landlord Contents Insurance, if you need to cover your property’s furnishngs; and
- Landlord Building and Contents Insurance, if you require both.
Just like any other type of insurance, it’s a good idea to do your research to find out which policy is right for you and your property. Don’t be afraid to ask your family and friends about their experiences – you’ll be able to expect an honest response.
GIO Landlord Insurance can cover your property in the event of:
- Loss and/or damage because of a severe weather event, and
- Theft or damage by tenants or their guests.
Additionally, GIO Landlord Insurance will cover you from loss of rent and provide you with legal liability cover up to the value of $20 million.
Remember, GIO is part of the Suncorp Network, which means that you can manage any connected insurance policies on the go by using the Suncorp App.
Consider using a property manager
If you’re not able to look after the day-to-day running of your investment property yourself, it might be worth engaging a property manager. More often than not, a property manager will control everything from listing your property on a rental website to finding tenants, collecting their rent and handling any issues that arise. Most property managers will charge a fee for their services, which is usually around 7-10% of the rental income.
Know your investment property is in safe hands with GIO. Get a quote online, or call us today on 13 10 10 to find out more.
1 Source: ABS
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.