Landlord Protection Insurance
This is not an excuse not to have Landlord Protection Insurance!
EBM Insurance Brokers (who the majority of our owners have landlord protection insurance through) last month praised us for our very low loss ratio. They wrote and said “Your year to date loss ratio is 9%, and has been 10% each year for the past two years in a row – which is exceptional!!”
What does this mean?
We do not make many landlord insurance claims on behalf of our clients and those that have been made are on a small scale.
There are real estate agencies that sit at a loss ratio of 160%. I therefore commend our property management team on their brilliant management skills and proactive nature that has ensured we have been able to continue to lease out properties in a challenging market, while weeding out the ‘riff raff’ and mediate difficult situations. As well as the assistance of great processes and systems, along with the support of great administration have all assisted to achieve this fantastic result.
Remember insurance is your safety net in case something goes wrong and to protect you financially if a claim is required – guaranteeing a tenant is an impossibility.
Fun statistics from realestatedynamics.com.au!