Landlord Protection Insurance

The recent increase in natural disasters the World over has come as a wake-up call to many.



Landlords should be aware of their rights and responsibilities in the event of a natural disaster.

In NSW if damage is severe, and the property is unlivable, a tenancy can be ended. However, the agreement needs to be legally ended by one party and agreed to by the other.

Damage to the property must have been caused by the natural disaster and not due to the actions of the tenant or landlord/agent.

In cases where part of the premises has been damaged or destroyed, a rent reduction may be negotiated. Any reduction in rent must be negotiated by the tenant and the landlord/agent.

As well as the devastating effects on the lives of the people living in these affected areas, the question has to be asked – Are you covered for damage in the event of a natural disaster?

CHECK WITH YOUR INSURANCE COMPANY THAT YOU ARE COVERED!!

The most important thing to be aware of when checking if you are covered for disasters is the definitions of the elements of disaster damage. Some policies will specifically not cover flood, but will cover storm damage, including rainwater damage – it all comes down to what the definition of a ‘flood’ is in your policy.
It is better to be safe than sorry – check with your insurer today!