Join Australia's most dynamic and respected property investment community

minimising your loss on LL claims

Discussion in 'Legal Issues' started by TMNT, 22nd Sep, 2016.

Tags:
  1. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    1,384
    Location:
    Melbourne
    hey everyone,
    obviously every policy is different however as a general rule most things are excluded

    What are ways for people to (legally) minimising your personal loss on claims,

    my typical claim (Yeah!!! its become typical) is rent arrears, leave the place in a mess, mostly heaps of rubbish and sometimes malicious damage such as holes in teh walls , and sometimes animal feces along with unpaid water bills....

    I hate it how cleaning is never included in the coverage, thats what most tenants dont do and wtf is the point of insurnace. espeically if the tenant leaves a backyard full of rubbish, which is more than a little mess.

    ive opened up a ombudsman dispute once with a n insurnace company who refused to cover a backyard full of absolutely trash, my argument was that, it was malicious,,

    dont get me started on water bills
    other options I have been recommended
    - use the bond towards stuff thats not covered first, eg water, cleaning etc.
    - get quotes for expensive tradies, and after the payout use cheaper tradies or DIY

    are there any other ways people minimise the personal loss ?
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,225
    Location:
    NSW
    are there any other ways people minimise the personal loss ?

    Property selection and then PM selection followed by tenant selection.
     
    Last edited: 22nd Sep, 2016
  3. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,576
    Location:
    Adelaide, SA
    Yep, bond for cleaning, junk removal, water. Insurance for rent, damages, etc. Some policies pay unpaid rent during tenancy, unpaid rent during 'denial of access' (ie eviction notice served but still present til tribunal removes) and then unpaid rent whilst searching for new tenant. These 3 terms can really add up.
    Are you sure this is legal?
    This certainly helps in 99% of cases, but if everyone was perfect bond / insurance wouldn't need exist.
    When you see stuff come up time and time again, have to question why people would invest (or manage) in certain suburbs.
     
  4. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,668
    Location:
    Sid en e - olympic city
    Should be, if an insurer pays you out then they probably don't care if you gamble the money away, they would assess the quote using a lot of experience. As long as your not fabricating anything, then.....
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,355
    Location:
    Sydney
    1. Bond
    2. Bond inspection by PM etc
    3. Quality and terms of LL policy
     
  6. SeafordSunshine

    SeafordSunshine Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    373
    Location:
    Sydney
    Regular and thorough inspections by the PM.
    Also , documentation photographs ( taken from the same angle) every 6 months.
    Reported to the landlord.
    Who reads Documents, and compares to the original Docs.