Property owners without adequate insurance could face financial ruin!
Property owners without adequate public liability insurance could face financial ruin if tenants or their visitors are injured on their rental property. And the worst part about many accidents is that they could easily have been avoided.
Classic examples of problems that could turn into legal minefields include windows that do not have safety glass, balconies and stairs that are not secure, slippery paths and inadequate lighting.
Investors, should understand it is important to know your choices when it comes to preserve your investment property and its contents.
It happens often when in moments of tragedy – e.g. a house fire or burglary – when investors find out they are underinsured. By this time, it is too late.
Some other potential issues are: Trees branches — overhanging, low, or weak branches should be cut, Guttering and Roof Tiles - should be removed to prevent any of these items creating more damage.
- injuries from flying debris. Balconies - need to be stable, with no rotting posts or supports Windows - should have
- safety glass Taps - should be fitted with temperature controllers to prevent scalding
- Garden Hoses - pedestrians can trip on hoses left on footpaths
- Electricity - safety switches must be installed to prevent electrocution
- Garden Paths - should not be slippery, or have loose or cracked pavers
- Stairs - should have stable safety rails
- Carpets - must be in good condition and not frayed or in need of stretching, which could cause an accident. This is especially critical on staircases
Given the explosion in litigation (generated in part by the aggressive advertising by the legal fraternity on a ‘no win, no charge’ basis and the increasing number of class actions) we believe that public liability insurance is a necessity for all property owners.
The shock of underinsuring (or not insuring at all) a investment property can be overwhelming when you need to continue to pay the mortgage, but no rent coming in and lack of money to rebuild
You should check with your insurance adviser to ensure you have the correct policy and sufficient cover, at your own home and investment property.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.