Risk Management

Insurance
Do you know if you have the correct amount of cover for your House and Contents?

Does your policy provide for the minimum amounts for Legal and Public Liability for owning an investment property?

Do you have Landlord Insurance and does it cover everything you need?

Unfortunately, Insurance is one of those things that isn’t needed, until it’s critical. Don’t leave it until it’s too late – it’s true that sometimes bad things happen to good people, so it’s important that your risk is minimised. Having your property professionally managed reduces the risks to some degree. However the cover you need should extend beyond the normal building insurance policy, which does not cover things like wilful or accidential damage to your property, failure to pay rent, or claims made against you by a tenant.

Your rental property may be one of the largest investments of your lifetime. There are many different policies and products available, so get expert advice to ensure you have the right cover for you.

Smoke Alarm Maintenance
Landlords have very complex legal obligations to ensure smoke alarms in investment properties in Tasmania are maintained and you will require a maintenance and installation programs to ensure you’re covered.

Simply put…

...you as the Landlord are responsible for the effective maintenance and working condition of smoke alarms in your property. Even if your Lease Agreement says otherwise, YOU are responsible.

Maintaining a smoke alarm is more than changing a battery or pushing a button.

Due to the increasing complexities and regulations relating to smoke alarms, First National Real Estate Burnie has called on North West Smoke Alarm Services to complete our smoke alarm programme and ensure your smoke alarm obligation are met and are compliant. The maintenance service ensures both your investment and your tenants are appropriately protected in the catastrophic event of fire at your investment property.

For further information, please download the Fact and Information sheet

Rental Property & Tenant Safety - Landlord's Risk
Landlords are in a difficult position regarding their exposure to personal injury claims from tenants for visitors to their property as they can be included in a claim or even held responsible even though they do not actively manage or visit the property. This is because you have a clear responsibility to ensure that the Tenant is provided with a safe property and free from issues that they should have reasonably been known about, irrespective of whether they personally inspected the property.

So you are not at risk, we recommend that you invest in an independent PropertySafe Inspection Report.

PropertySafe provides inspection reports focused on the risks associated with health and safety in residential investment properties. The standard report covers 14 of the most imminent safety hazards in a typical property. Each PropertySafe inspection produces an extensive report and is completed by a specially trained and certified safety inspector with a Nationally Recognised (NRT) Building qualification.

What are the benefits of having a Safety inspection of my property?

It increases your protection from unidentified hazards that could result in injury claims by tenants.
It minimises the possibility of claims assuming the recommended issues are actioned.
You have the confidence of knowing that you are providing a safe and superior property for tenants.
Your property should achieve higher rent returns and be more sought after by tenants.

Further information on PropertySafe can be found at www.propertysafe.com.au/landlords