Bizarre Theft Serves As Insurance Reminder

Insurance companies are reminding landlords to get insured following an increase in thefts by tenants, including the theft of an entire kitchen. The incident has prompted Terri Scheer Insurance to warn landlords that tenant theft is more common than most realise.

Executive general manager of Terri Scheer Insurance Carolyn Parrella said while theft is common, stealing such a large piece of the house is rare, yet possible.

“They say ‘everything but the kitchen sink,’ but in this instance they stole that too,” Ms Parella said.

Theft claims to Terri Scheer Insurance have increased by 20 per cent compared to the 2014-2015 financial year. There have been instances of stolen TVs, beds, fridges, and other white goods.

Property and contents insurance is the most common insurance but increasingly landlords are also taking our rental insurance as well. Rental insurance covers you for the risk of your property being untenanted.

insurance-by-state-table-header

insurance-table-brisbae

As seen above, the average apartment in Brisbane has a rent of $380 per week, and the yearly premium for Landlord Insurance would be around $397. Keep in mind this is a guide only and insurance premiums are situational, and can therefore fluctuate from suburb to suburb depending on the risk.

Landlord insurance covers damage to the property and loss of rental income.

Landlords are encouraged to perform regular property inspection reports, as a way to keep inventory of the goods and their condition, should they need to make a claim.

SOURCES:

RPM – Entire Kitchen Stolen From Investment Property

CANSTAR – The Cost of Landlord Insurance

Written: 27 October 2016

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