Choosing the right insurance brand

One step that an investor can take for choosing the insurance brand that is right for him is to assess his journey and his long-term goals and take advice from trusted colleagues and field experts and professionals.

Investors must also be wary about licences that will prove the legitimacy of the brand.

“I’ve got landlord’s insurance in all my properties and a good property manager. Lot of those landlord insurance companies, they do the lot—they do the house, they do the landlord’s insurance as well, which is separate,” Momentum Wealth’s managing director Damian Collins said.

“That insures you get against the tenant maliciously causing damage, tenants breaking the lease and doing a runner, and all those sorts of things. I’ve personally have taken the bundle: the landlord insurance and the house insurance, and the house and contents all with one insurer.

“I just like to do that just so there’s no dispute between the building insurer and the landlord insurer.”

For Damian, employing a good property manager has helped him find the right insurance brands to protect his investments.

“A lot of (insurers) work with property managers. So if you’ve got a good property manager, they’ll be able to fill you in. A good property manager will give the choice of the main players in the market. That’s the space they operate in,” according to him.

Phil agreed and said: “Ask around, get a referral. A property manager is a good point. Your accountant might have a relationship or actually know who’s in the marketplace or who buys agents, so ask around, you’ll find a good one.”

Tune in to The Smart Property Investment Show’s Q&A session to find out more about the perils of procrastination, interest rate hikes and some of the most common concerns for property investors.

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