Savings for landlords in strata
Keeping on top of your property insurance and being pro-active in your strata corporation can lead to some very welcome savings when you’re an apartment investor. This article was authored by CHU and shows their top five money-saving tips for landlords:
Review your current insurance policy
Try reading the inclusions in your landlord insurance in conjunction with the inclusions in your strata or body corporate insurance. For instance, your own landlord insurance shouldn’t cover the building itself (other than internal damage), as that should be under the body corporate insurance.
Put simply, landlord insurance should begin where strata insurance ends, and is why specific landlord insurance, such as that provided by strata specialists CHU Insurance, can provide a lot better value than more generic property insurance.
Align your insurers
Taking out your own landlord insurance with the same company that provides your body corporate’s insurance can save time and money. Not only do you deal with a single insurer who knows your building, but some, like CHU, actually offer discounted excesses and faster repairs for landlords who take out cover with them when they’re the building’s insurer as well.
Chat to your fellow owners
There is always power in numbers, and the power for property owners to save money is no exception. Get to know the other owners in your building. For example if a number of you are listing on Airbnb or the like, you may be able to save money by enlisting the services of the same cleaner or servicing manager.
Make sure you’re covered for short-term rentals
Speaking of Airbnb, did you know that not all landlord insurance covers short-term rentals of less than 90 days? Or they offer this type of cover as an optional extra.
Luckily, it is possible to shop around and find comprehensive landlord insurance that actually includes short-term rentals in its standard cover, without having to pay extra in premiums.
Keep your body corporate accountable
Almost all expenses that your body corporate pays for, are met through your body corporate fees. So, if your body corporate is paying too much for insurance, then it’s actually you who ends up paying too much for insurance.
By being pro-active with your building management, you can keep an eye on expenses, and make sure every owner is getting value for money out of your strata fees.
This article was supplied by CHU Underwriting Agencies.