tenants, so why would you take the
risk? Accidental damage is covered in
our policy, so make sure it's covered
in yours.
doesn't just take the form of an
insurance policy. Here are some other
ways you can `insure' yourself against
costly problems.
1. Hire a great property manager
thoroughly. A mature and
responsible tenant with a clean
history is unlikely to suddenly stop
paying rent or cause malicious
damage to your property. A
good property manager will also
conduct regular inspections and
look for issues that might require
small repairs now to prevent a
much bigger problem later on.
reduce the impact of accidental
damage. Spilled red wine on a white
carpet is going to be an issue. If it
spills on a dark carpet, you're less
likely to have to replace it. There are
many different types of carpet out
there and some are more resistant
to spills, depending on the material
they're made of. Check these things
out before deciding what to buy.
Say your investment is worth $500
per week, don't spend thousands
of dollars on an expensive look
that isn't needed for this type of
property. A $500 per week tenant
is not going to care whether you
have CaesarStone benchtops.
Before you renovate, talk to
your property manager about
the property rent for more and
which ones are unnecessary.
could result in a
significant proportion
of your income being
wiped out. It's absolutely
not worth the risk.