money money money landlord insurance explained: rent loss, pet damage, strata gaps, making a claim + more
Jun 27, 2025
Carolyn Parrella, a specialist in landlord insurance from Terri Scheer Insurance, shares vital insights into safeguarding investment properties. She explains the importance of landlord insurance over standard building coverage, clarifying common misconceptions. Listeners learn about tenant-related risks, including pet damage and handling sensitive situations like tenant abandonment. Carolyn emphasizes the urgency of filing claims and the role property managers play. She also highlights the critical timing for acquiring coverage right after purchasing a property to avoid potential liabilities.
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Inspect Regularly to Prevent Gaps
- Avoid claims for poor living habits and infrequent cleaning as they are not covered.
- Conduct regular property inspections to catch issues early.
Use Property Managers for Claims
- Property managers can lodge insurance claims on behalf of landlords.
- Self-managed landlords need to handle claims themselves.
Vacant Possession Required for Claims
- You must have vacant possession of the property to claim loss of rent after tenant abandonment.
- Hold the tenant's bond to offset any damages or reletting expenses.