Insurance cover on rental properties
Question from Erica updated on 3rd November 2006:
Our expert responded:
You will find that very few insurers will cover malicious damage on rental policies. Many also restrict the payout well below the replacement cost of your property. I suggest you have a look at Landlord Pro Plus, which is a policy developed specifically for the property investment market. They provide 100% malicious damage cover including damage caused by illegal activities such as a P Lab which are becoming far too common these days. You can go to their website http://www.insurerservices.co.nz/landlord.html and fill out the quote request form. You can also download the Landlord Pro Plus Policy wording, for you to have a look at. You either need to go through someone with specialist knowledge of these types of policies or thoroughly read all of the policy wording.
Lisa is a Certified Financial Planner and a director of Acumen Inc, a financial services company offering a full range of services including portfolio management, investment advice, property investment advice and mentoring courses, insurance and mortgages.
