Malicious Damage - Is your building covered?

23-May-2013

This is a topic that is very important not just for Central Coast Property Investors but for all property investors.  

Often landlords will retain their existing building insurance and take out or add on a Landlord Policy when renting out their properties. This may have been done years ago or just recently.  

Many building policies do not cover for Malicious Damage by the tenant.   We recently heard a story of a landlord who had both building and landlord insurance, however when the tenants girlfriend maliciously burnt the house down they found the building was not covered.  Talk about devastating!!

There are many great insurance companies in the market today and some that specialize with landlord insurance such as Terri Scheer or EBM Insurance, so be diligent, get the right advise and read through your current policy to ensure you cover is adequate.