Landlord Insurance usually provides coverage in these instances but as always, check the specific details of your policy.
What if the tenant actually dies in the property?
It tends to happen more to landlords who own a unit, as people tend to live on their own in units.
Sometimes, there can be a stigma attached to the property, that can make it harder to re-lease and if the body actually started to decompose in the property, there can be cleaning costs associated with it.
Here are some more tips for landlords to be aware of:
• Check whether you have a current landlord insurance policy
• Clarify the insurance provisions to determine whether rent arrears and future rent loss are covered
• In cooperation with the family, remove the tenant’s belongings
• Clean the property professionally
• Source a copy of the tenant’s death certificate – insurance companies will require a copy
• Landlords who are unable to obtain a copy of the death certificate should contact their insurance company for further advice.
• Begin advertising the vacancy as soon possible, keeping evidence of advertising activity( to assist with the insurance claim)
• When the property has been leased, submit an insurance claim with relevant supporting documentation
• Act with care and sensitivity
• Update the tenancy file in RealRenta
Use RealRenta to automatically manage each tenancy.
RealRenta keeps copmprehensive records of each transaction with time and date stamps for auditing purposes.
Use RealRenta for Free for up to 2 months: www.realrenta.com.au
* Get all the benefits of RealRenta’s ledger by using RealRenta Essential- a completely FREE version of RealRenta.
RealRenta Essential enables property investors to take advantage of RealRenta’s ledger systems by manually entering in all transactions.
RealRenta Essential provides investors with all the benefits of the RealRenta platform, minus the automation.
Marlene Liontis
Monday, 22 April 2019
