Landlord Coverage (NSW) - COVID19

Hi all,

Are any of you aware of landlord coverage in relation to COVID 19, in cases where there have been rental reductions of properties or where a tenant is unable to pay rent and has had to vacate the property? Specific questions as follows.

* Do landlord insurance policies generally cover such a situation (e.g. rental recovery when property has been vacant for a specified period)?
* Is NSW government providing some type of funding to support above situation? If so, when will this come into effect.

Thanks.

 

Here is the link to the NSW government support: Six month moratorium on residential tenancy evictions during COVID-19

Unfortunately its quite limited to a 25% stamp duty reduction.

Landlord insurance will cover rent default if the tenant vacated with rent owing after bond, if a rent reduction was agreed, they generally only cover the agreed amount. No coverage for extended vacancies, realistically its a matter of pricing it to meet the market.

Let me know if I can provide any more info

 

Thanks Mel. Yes, this is the similar info I have been getting from the contacts I have spoken to recently.