Similar to the home you live in, your investment property can also be affected by natural catastrophes like floods, fires, storms, or even theft. Because you rely on tenants, you also risk losing rent. It, therefore, makes sense to have landlord insurance to protect your property and your income.
Your first time making a landlord insurance claim can be daunting, though. To help you navigate this process, your reliable Gold Coast insurance specialist shares some tips:
Tips on How to Make a Landlord Insurance Claim
1. Contact Your Insurance Provider Immediately
When disaster strikes and you discover that your property has been affected, your first instinct is to fix it immediately. However, you should contact your insurance provider about your concerns.
In case your insurer declares that your property insurance claim is valid, your policy will cover the cost of repairs. If you fix the damage on your own, your insurer can deny future claims.
2. Make Sure You Have Photos for Your Claims
You will need proof of your insurance claim. Your insurance agent will ask you to submit photos of the damaged items so they can assess the damage. These photos should include close-ups of the damaged items.
3. Need Damaged Items for Authentication
If the insurance company asks you to send the damaged items to its office for authentication, you should comply. This is important so you will get an accurate assessment of the necessary repairs to be made.
4. Contact the Police Immediately In Case of Theft
If you discover that your property is a victim of theft or vandalism, make sure you contact the police immediately. You can also file a police report and ask that they include your insurance claim.
5. Do Not Personally Attempt Temporary Repairs Until a Qualified Inspection Has Been Done
If you notice damage on your property, it is tempting to fix it on your own to save time and costs. While this can be acceptable, it is crucial to get an assessment from a qualified person to ensure that you are correctly filing a landlord insurance claim. Otherwise, you may end up paying more than your insurance policy coverage.
6. Check With the Insurance Provider Before Doing Any Repairs or Replacements
Do not spend a single cent on any repairs or replacements until the insurance company has approved your claim. You will need the insurance company's approval to proceed if the insurer has set any limitations on the repairs.
You cannot assume that you can fix something on your own and still be covered by your insurance policy. Before you do any repairs or replacements, you must confirm that your insurance coverage includes such expenses.
Conclusion
Protecting your property is an essential part of your investment. However, you also need to protect your income by ensuring that your tenants' rent is covered in case of damages or vandalism. You should get landlord insurance to cover the costs of repair and replacement and the costs that you will incur from lost rental income during the period of restoration.
Your landlord insurance policy will also cover the risks of natural calamities. So if your property is damaged due to flooding, fire, storm, or theft, you will be protected.
You can find a good landlord insurance policy by talking to your Insurance Specialist. The specialist can guide you on the policies you need to protect your property and ensure your income is covered.
New Wave Insurance is a trusted Gold Coast insurance specialist who can help you with all your insurance concerns. Contact us today so we can assist you!