Promoted Content

How to speed up a landlord insurance claim

By Allianz Insurance

Promoted by Allianz

 

You’ve protected your property with landlord insurance, and now you need to make a claim. Your insurance claim will take time to process. However, there are steps you can take to reach a result more quickly. Here are some tips to help speed up your landlord insurance claim.

On the Day

Taking action on the day an insured incident occurs can significantly speed up a landlord insurance claim.

Call the Police

If you have been the victim of theft, tenant theft, or malicious damage, you must contact the police as soon as possible. This is a requirement of most insurance providers. You should inform the police of any property that is missing or damaged.

Prevent Further Damage

Take all reasonable steps to prevent further damage or loss. Depending on the nature of your claim this can involve anything from removing dangerous debris near your property, to starting the search for new tenants.

Take Pictures

If your landlord insurance claim is for visible damage, such as that from fire, storm, or malicious tenant activity, take pictures of the damage wherever possible.

Contact Your Insurer

Get in touch with your insurer as soon as you can. Let them know what has happened, and provide as much information as possible. This will get the process underway, even if you’re not yet sure of the full extent of the damage. Your insurer will be able to give you information on the best way to submit your claim, including exactly what documents and evidence are required for the claim you are intending to bring.

Keep All Evidence of Loss or Damage

Collect documentation and pictures as often as possible. Do not authorise any repairs or replacements, other than those required to prevent further damage, without the permission of your insurance company, as this may affect your claim.

Working Through Your Claim

Being prompt and cooperative, and keeping great records, can help to speed up your claim during the processing stage.

Provide As Much Information As Possible

Depending on your claim, you will need to provide different information to your insurer. However to speed your claim along it is better to be on the safe side, and provide what information you can as soon as possible. Landlord claims commonly require documents such as:

  • A copy of the current lease and proof of any bond held
  • Notices provided by tenants
  • Agent confirmation that you are actively searching to acquire new tenants
  • Quotes for replacement or repair
  • Original receipts, or proof of ownership of damaged items
  • Any receipts, invoices, or quotes of work that took place to prevent further damage

Work With Your Insurance Provider

During the claim process, your insurance provider may contact you for extra information, or ask you to take certain actions. To avoid this dragging out your claim, it is important to be responsive and cooperative. The sooner you act on these reasonable requests , the sooner your insurer can  process your claim.

Remain in Touch With Your Insurer to Assist with Future Claims

Keeping your insurer up to date will help you to speed up any future claims. Make sure you inform your insurer of:

  • Any new tenants taking up residence in your property
  • Changes to rent, which will affect your loss if rental income ceases
  • Increases to the rebuild value or contents
  • Building works or refurbishments

The first step to the best claim experience possible is making sure you are properly protected. Contact a landlord insurance expert to get a better understanding of your insurance needs and which policy is right for you.

 

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podcast

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  ["title"]=>
  string(72) "Mortgages in a tighter lending economy and why Brisbane is a good option"
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  string(72) "mortgages-in-a-tighter-lending-economy-and-why-brisbane-is-a-good-option"
  ["introtext"]=>
  string(255) "

Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

" ["fulltext"]=> string(818) "

To hear more about these services, make sure to tune in to this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Son Pham is the accredited Head of Mortgages at Rethink Financing\/Rethink Investing. He has over 6 years\u2019 experience writing loans, over 12 years in the wealth management industry working for the likes of CBA, AMP and private practice and he is also a licenced financial planner (AFSL 326450). He has multiple investment properties that are cash flow positive which help pay his mortgage on his home and fund his lifestyle.<\/p>\r\n

Son is able to write all types of residential and commercial property loans.<\/p>\r\n

In this episode of Property Showcase, head of mortgages at Rethink investing Son Pham joins host Tim Neary to unpack how an investor should approach getting a mortgage in place with banks tightening down on serviceability.<\/p>\r\n

Hear from\u00a0Son\u00a0about:\u00a0<\/p>\r\n

    \r\n
  • The pitfalls that he has seen people get into<\/li>\r\n
  • Interest only loans and if that is the way to go<\/li>\r\n
  • How the mortgage division supports the overall business of Rethink Investing<\/li>\r\n<\/ul>","clientImage1":"images\/podcasts\/Son-Pham.jpg","clientUrl1":"https:\/\/rethinkinvesting.com.au\/","clientName2":"OpenCorp","clientDesc2":"

    Whether it\u2019s building a successful property portfolio or investing in one of their Development Funds, Open Corp can help you through every stage of your investment journey. The team has 40 property specialists who collectively have been involved in over $4 billion worth of property transactions and the acquisition of more than 8000 homes and investment properties.<\/p>\r\n

    In this episode of Property Showcase, director of investment services for Open Corp Michael Beresford,\u00a0joins\u00a0editor of Real Estate, Tim Neary to share why he disagrees that the cooling market means that the best times are behind us.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:\u00a0<\/p>\r\n

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    • Why Brisbane is a good investment option right now<\/li>\r\n
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Mortgages in a tighter lending economy and why Brisbane is a good option
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  string(334) "

Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

" ["fulltext"]=> string(2483) "

In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
object(stdClass)#1192 (52) {
  ["id"]=>
  string(5) "18287"
  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
  ["alias"]=>
  string(74) "regional-victoria-showing-up-melbourne-in-price-performance-new-data-finds"
  ["introtext"]=>
  string(139) "

Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

" ["fulltext"]=> string(2323) "

Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds

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