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The Informed Landlord
Are you a landlord or aspiring investor looking to navigate the world of property ownership with confidence? The Informed Landlord brings you real stories, expert insights, and practical advice straight from property managers across Australia. We’re here to help you understand your responsibilities, maximize your investment, and—most importantly—enjoy the journey of being a landlord. Whether you're new to property investing or a seasoned pro, our podcast delivers valuable tips, industry updates, and inspiring success stories to keep you informed and empowered.
The Informed Landlord
Safeguarding Investments with Expert Insurance Tips
Landlord insurance is an essential topic for property owners looking to safeguard their investments against various risks, especially when it comes to tenant-related issues. We discuss the critical distinctions between landlord and building insurance, the necessity of comprehensive coverage, and essential tips for property owners to avoid costly mistakes.
• Understanding the differences between building and landlord insurance
• Importance of tenant damage coverage in insurance policies
• Benefits of combining landlord and building insurance
• Clarity about rent loss coverage due to defined events
• Insights on the claims process and types of damage
• Strategies for comparing and evaluating insurance policies
• Encouragement for regular policy reviews and communication with property managers
Hello everybody. We are introducing an investor webinar today which is suitable for investors and wannabe investors Australia-wide. So these webinars we do try to make quite generic where possible, but it's always good to still check with your property manager for state-by-state specific advice as well. So welcome to today. We are going to be talking landlord insurance with the lovely Brenda Hunter from Pip. Welcome. Thanks, ash, thanks for inviting me.
Speaker 2:This is a great idea.
Speaker 1:Thanks, ash. Thanks for inviting me. This is a great idea. Yeah, I've got a whole series of them because there is, you know, a lot of information where sometimes it doesn't always reach the investor. So it's sort of just great to have a bit of a platform to be able to do this.
Speaker 1:But also I had a very interesting situation at work the last couple of weeks. So we've been going through our compliance and auditing in the back end to just check in with all our clients with landlord insurance and whether they've got it or not. So what we've done is we've gone through and we've checked everyone's policies. We've marked them on our system to say, yes, they have a current policy or no, their policy's lapsed. And then we've also got another section for landlords where we don't handle their their insurance. We've asked them for a copy of it.
Speaker 1:What was really interesting is that we had probably about half a dozen owners who emailed me back to say I've already got it, please find, attach a copy. And when they've attached the copy, what they sent me was their strata or building insurance. And then I've gone back to them to say, actually, that's not your landlord policy that I'm looking for. I'm looking for your specific landlord policy that's for your building and contents, and it's been such a great education piece and I love the fact that I've been able to help them understand, because there's a lot of landlords out there who think that they're covered when in fact, they're not.
Speaker 2:Yeah, so that's the point of doing today. Yeah, love to fill in some gaps and I'm seeing in my space lots of gaps as well. So I get calls from property managers, landlords, investors, wannabe investors, like lots of different people around Australia, and I'm seeing some common themes so I'm very happy to share them through the podcast or webcast. Apologies today, so hopefully we can help lots of people.
Speaker 1:Excellent. Well, I'm glad you mentioned that because, yes, it's a webinar, but it's also going to be converted into a podcast for the informed landlord, so we'll have it on both for those listening. So if there are anyone, anyone that's in here that has a question, so if there are anyone that's in here that has a question, please pop it into the Q&A or the chat, whichever one you're able to do, and then I'll ask Brenda as we go along as well. So please be interactive there. Now, the first question that I've got that I want to ask you is can you explain what the difference is between building insurance and landlord insurance?
Speaker 2:That's a great question and that's a lot of. That's actually the main one that a lot of investors get stuck on. So let's think about the two common types of properties. So we've got a freestanding home where the owner owns, you know, all the land in a particular house, and then we can talk about something that's within a strata unit and a strata complex, because that's again a different type of insurance. So if we go to option one so freestanding home then you do need two policies. So we need what we call as a building policy, which is essentially your bricks and mortar, pools, patios, pagodas, fences, and then the second policy is your landlord insurance policy. So we do the combined together, which alleviates the gaps. But the owner can choose to split the policies if they choose. There are massive benefits of combining them. So I'll share some of those tips and pointers too.
Speaker 2:So touch on the landlord policy. Then that's for rent loss and contents. So contents in an investor space is not the tenant's contents, because that's where a lot of owners get caught up, because they think I don't want to ensure the tenant's belongings. Well, no, that's not what this is about. This is about ensuring the owner's products inside the home. So an example of that would be your curtains, your carpets, your light fittings, your underlay, floating floorboards, which I believe is quite unique for us. So that's a good one to make sure the owner's got copies off sorry, cover for and anything the owner leaves behind for the tenant's use. So when you're thinking about an apartment or a house, most properties these days have, for example, a dishwasher. So that doesn't fall under building because it's freestanding, it's actually contents. So all those items fall into the content. So we cover 70,000 of that in our landlord policy plus rent, which we'll go into in just a moment. So that would be fine for a strata home and for a freestanding house. So you need the landlord policy either way.
Speaker 2:Now if your property is in a strata, then the building's generally covered by the strata company. So that's the outside and the common areas and the liability in the driveway. All of that's covered by the strata. So if you're an investor that's looking to purchase a strata company, you definitely want to get a copy of your strata building insurance and provide that to your property manager, so then they know what's covered in the strata space. Then the landlord policy covers inside your house and the tenant's rent, which obviously there's more involved with the rent part. But and then if it's a freestanding house, then you need both, because of course you need the building and the landlord.
Speaker 2:Now a little bit about the building, which I see a lot of investors sometimes get this wrong, so I'll try not to be too blunt. So with the building you've got to look at some things like standard standard perils. So standard perils in the insurance space just means things like a house fire or storm damage or impact damage or flood. So it's important to look at where your property is located. So you've got insurance coverage for your home that you need.
Speaker 2:But the most important part is tenant damage. So fancy having a half a million dollar building and you have a building insurance product that does not cover tenant damage, but you're allowing a tenant to live in your home, so that's where the risk lies. So a lot of your standard type of insurance companies. You might have to tick an extra box or you know like, go search a little bit more, but make sure you've got tenant damage, not just standard perils, the two combined together. So if you're an investor that you've moved out of a property and then you're going to start managing the home as a rental, then your current building insurance policy is owner occupied. You need to change it to an investment building policy because tenants are residing.
Speaker 1:That's a very good tip and definitely something that I think needs to be brought in. I mean sure you could sort of say, okay, well, you know, my real estate hasn't mentioned it, but ultimately it falls down to the owner being educated and knowing this owner's responsibility because it's their home.
Speaker 2:Would you buy a 50,000 car and drive out of the car yard without insurance? Probably not. So why would you buy a half a million million dollar house without actually insuring? And the biggest risk is you're allowing the tenant to live in the property, so the chances of something happening would be pretty high. So you want to make sure that your building policy does have tenant damage. That's if you take that away from today and that's the only thing. Hopefully I've helped.
Speaker 1:Yeah, no, that's good, and it comes down to as well when it comes to smoke alarms and these compliance checks that investors need to do. And sometimes they might say to me well, why do I have to do it Like I don't have to do it in my house, so why do I have to do it in my investment property? And then I would say it's because you've got a third party that you're having to cover. You've got that risk there. You can't sue yourself. You've got to add that extra protection. One thing I see investors often have to explain is the cover for rent on a building policy and then thinking that that's for defaulting tenants, when quite often that loss of rent is related to a defined event.
Speaker 2:So loss of rent is defined event. So that would be what's a good defined event House flooding.
Speaker 1:House fire.
Speaker 2:House is burnt down. So of course the tenant's going to go live somewhere else, but the owner's still left with the mortgage repayments to pay. So loss of rent is defined event, whereas and this is a great question whereas rent default is the tenant not paying. So we're seeing on average, like rent default is actually probably one of the most claimable items in the landlord insurance space. So like we've got 20 weeks and we're seeing that, you know you need to make sure that you've got the amount of weeks because there's many reasons why the tenant might default.
Speaker 2:I could think of hundreds when it could be. You might be acquiring vacant possession. Look at our low vacancy rate all around Australia. So trying to find a new home to move into, the rent prices have gone up, you know. So tenants trying to relocate into another property is more difficult. They might need to share, you know, to afford the rental in homes and then when they move, they move and leave rubbish behind. So we have rubbish removal in our policy as well, because we're seeing that that's a big ticket item that's being used a lot for tenants.
Speaker 1:Yeah, for you to kind of kind of they align like the rent default aligns with the rubbish removal and re-letting in the policy too, so it's like a little package that we're seeing getting utilized quite frequently together yep and and for investors to understand the process of a tenant when they're not paying rent is quite a lengthy one and you are relying on the court system and dates available quite often and it does build up. So just to give a bit of an example now, this is obviously related for more Western Australia, so it will differ from state to state. But you've got a breach notice and or a termination process, so that can sort of take maybe 14 days, maybe 21 days, but plus a little bit of extra time, because you don't necessarily issue that on day one, it might be on day three. But then you've got to apply to court and then you get given a court date which might be in two or three weeks time. You go to court and then the courts say we're going to adjourn this to a magistrate, so then it gets adjourned to a magistrate. You wait another two to four weeks.
Speaker 1:A magistrate, so then it gets adjourned to a magistrate. You wait another two to four weeks, then they might go. We're going to um, wait, we're going to put this through to a trial. Um, this is speaking from experience just recently goes to a trial, oh my gosh. And now the process from us applying to court, which would have been 26th of December, that I had applied and it's still going at the moment.
Speaker 1:So it's a long process and it is out of your control. So you need to have that rent default cover, like Brenda's saying, for a decent amount of time, because it does take time to go through the process and you don't actually really have any control over that as well. And the rubbish removal, all of that it does add up and it's just that peace of mind. I think, when we see investors buying properties and spending so much money and then when it comes down to maybe the property management fees and landlord insurance, for some reason, they're the two things that people are a little bit, you know, you know funny about and it's not a lot of money for a landlord policy like.
Speaker 2:It's less than your rent per week to cover you for a whole year 100, 100.
Speaker 1:So um and oh, I mean I could. We've got 30 minutes, but I could go on with many, many stories. I'm sure you could as well with regards to why you um, you wouldn't have land, or why you should have landlord insurance. The one, um, there was a post on a facebook group the other day to say, if your investor doesn't want to take landlord insurance, what's the one thing you say to them to get them over the line? And my response to that I don't know if you saw this question my response was I tell them about that time. I had to call an owner and ask her to transfer $7,000 into my trust account to pay for a forensic clean. I said, you know, for a tenant that had passed away in a property. I said that's the story that I share and that's the one that gets people over the line every single time.
Speaker 1:Good tenants, and that's the thing. Sometimes these policies, they're not. Yes, they're going to be times where there's, you know, not so great tenants, but there's also times where you've had great tenants and circumstances have changed. And I'm seeing that that is actually very, very common. And me just going through the auditing with my landlords to have owners say to me we've got a really good, reliable tenant, why should I still have landlord insurance? That's you know. For me to respond back with you know, this is the reason why because we had a really great tenant. He passed away in the property. He actually had a heart attack and that's you know. He was good, so that's sort of something to consider. If someone said to you why should you have landlord insurance, what would your response be?
Speaker 2:Oh, easy Peace of mind. Just knowing that I've got a backup plan, I can sleep at night. So that would be the first thing that comes to mind. I just think that it's very little money, very little outcome for a whole year just to know that I've got all that coverage. I mean, obviously I'm in this space and, as you know, I've been in property management for many years prior to here, and the amount of unforeseen circumstances that happen that no one can prevent, so, like tenants, you know, ironing a shirt on the carpet or the iron falling on the carpet and then that you know being damaged and then trying to re-let the property with the burn mark is just you know. Obviously you're not going to attract such a good quality tenant. So it's about maintaining the properties as well. And, yeah, unforeseen.
Speaker 2:So going back to your court, I really liked that one because bailiff is one of the things that's very costly and it's an unexpected surprise. So bailiff fees we're saying you know $1,200, $1,500 just to remove the tenant from the property. And you know, with the low vacancy rate, we're saying that, being utilised quite commonly, ours has zero excess and all the rent and bailer fees and all those things. So you just make a claim, so it's quite easy. But imagine if you didn't have it. Um, never mind the forensic claim, because someone's passed away, so you never know, and the property manager can't stay guard at the front of the property and you know, make sure nothing happens. I mean the tenant could lose their job, you know, they could make a new friend. That's not really a desirable friend, you know.
Speaker 1:So just, it's peace of mind, I think yeah, totally the um was I going to say about the oh with the bailiff.
Speaker 1:We've actually had a couple just recently with bailiffs and, it's interesting, a tenant's mindset at the moment is that they we explain to them the process, we explain to them they've been evicted, they've got a court order, we explain to them that the next step is a bailiff. And it's very, very sad, but these tenants have said you just do what you do and I'll just wait to that point. So what we're finding is tenants are just at the stage where they're completely, you know, hands up in the air, surrendering to the process and they're waiting because, because they've got nowhere else to go, so at least they're going to be safe in their house until that bailiff physically removes them, which is super sad for many reasons, but also just to prove and show that people are waiting to that point because they feel like they have no other option and this is the only way they can stay with shelter for as long as possible, and so they will let it get to that stage. I mean, it's so sad, isn't it?
Speaker 2:Yeah, and it just gives them a few more weeks knowing that they're safe under a main roof, especially if they've got children too. So they are utilising their rights. And I think tenants are more informed these days as well. Yeah, they know the timeframe. So, like your tenant, from Christmas through till now we're in February and you still might have a few more weeks before the possession If there's no rent there. I mean, that's a long period of time waiting for that tenant to potentially pay or move out and then, yeah, claim back, I guess, the bond or insurance policy, I guess, if the owner's got one.
Speaker 2:So another big thing that I'm seeing investors do too, and that's something that's not readily advertised, is you don't have the tenant pays the four weeks bond when they move into the property. Well, advertised is you know how the tenant pays the four weeks bond when they move into the property. Well, it's a really important question to ask if the insurance company, what happens to the bond if I make a claim? So, like with us, we just say use it Like, don't give it back to the tenant, of course, and if you need to make a claim, then use the bond first. We don't apply that as part of the excess. So the owners are really advantaged with that extra four weeks bond there to utilise in the property.
Speaker 2:And one other tip too is some things that aren't covered by insurance is housekeeping items or maintenance. So I feel like that's an important touch point as well, because we want to make sure that the bond there could be used for the owner to say, clean the carpets or you know some general things, whereas that would be an out-of-pocket expense for the owner if they choose a company that takes the bond as part of the excess.
Speaker 1:I'm seeing that a lot lately and yeah, obviously to that today. We can't mention other companies, but that's one of the biggest things I would always say is can you have a look at the PIP policy? Can you compare it against yours and just have a look at the differencesIP policy? Can you compare it against yours and just have a look at the differences in it? And the excess is one of the biggest ones. And while at the start I think some landlords would think, would say, oh, it's not too bad, when you are already being without rent for a couple of months, that hurts. It hurts so much so it might not seem like a big, big issue while you've got rent coming in, but the truth is is you don't have rent coming in and it's um, completely um, it's completely yeah, out of a pocket again when you're already out of pocket and you don't know when it's coming too, so that's when it becomes stressful yeah that's where I was meaning before.
Speaker 2:it's like it just gives you a bit of peace of mind, like not everything is 100% covered by insurance, like housekeeping, as I gave that example but at least if you know the big ticket items, or the majority of, are likely to be covered, it just helps yeah absolutely Any landlords that are going through a situation where they have got a tenant who's showing those red flags, they're pretty sure they're going to have to go down the road of landlord insurance.
Speaker 1:Is there something that they should be doing prior to having to physically put that claim in? Is there any prep work things to consider that they should know?
Speaker 2:of Just follow the Resident Tensies Act in your state. So that's definitely one thing and I think if you follow the right rules then you're okay. So I do see private investors fall into that hole of maybe sitting on their hands for a bit and that could jeopardise the claim, whereas it's really important that they do the right thing by the tenant and by their laws. So I mean I would always advise go with a real estate company, because they know what they're doing and I'm seeing every state change their laws. So I mean it'd be very difficult for a private landlord to get their head around everything that's happening in every single state for every property. Easier for us because we're in that space, but yeah. So I feel like just making sure that they know what they're doing, educate yourself, follow the rules and you should be okay.
Speaker 2:Ask the right questions when making a claim. It depends on what the claim is. So if it's a big ticket claim, like obviously a house for a lodge, it's straight away claim is. So if it's a big ticket claim like obviously a house for a lodger, straight away. And if you don't have the details, because you're going to speed up the claim, um, but if it's um, for example uh, I don't fence it goes down for, or tenants that's damaged, something like a roller door or something in the property, or some carpets in the landlord space. Um, then of course you can, you know, get your quotes and then pop it through all on one claim form, which we do online. So it's quite a simple process. So, yeah, but the quicker you lodge the claim with all the details, the quicker you're going to get an outcome okay, I want to ask a couple of questions and hopefully you can.
Speaker 1:If you can't just say I can't answer that, um, because I know just sort of general general advice here now.
Speaker 1:Ash, I can't go down now, you know, I know, I know it is general advice, um the uh, and obviously this is going to be specific, I must say as well, for different policies. So you always have to get advice and, you know, check your um, your t's and c's for your um insurance company. But I would be interested to know can you submit quotes as opposed to invoices because, like the owner you know does need to go ahead? But, yeah.
Speaker 2:So I think like if we do a simple um claim, say offense, and we know that it's eight sheets have come down, and we, if you do a quote and it's in the zone we're likely just to accept the quote, go get the job done and we can use your contractors if you prefer, because you've got a relationship with them, so that's not a problem. Um, if you get a quote and it's like way outside what we're expecting, we're going to ask you to get another quote. You know like to be fair because you know we deal with this all the time. We're going to know you know what eight sheets of fencing is going to cost.
Speaker 1:So I think it's also just again, just from an education point of view, because I want to educate owners so they know how to work with us better as well, because, yeah, with us better as well. Because, yeah, there will be times where we might have to say, listen, like you're not going to be able to submit a quote and expect a cash settlement to put in your pocket, you need to provide an invoice and take the risk. You know as well. That's what sometimes I find.
Speaker 2:So every case is different and it all depends on what's happening. So I would just advise asking the question from your claims person as you're submitting the claim. Obviously we want. We want the properties maintained and things fixed, and obviously we know that the owner needs to confirm what it's going to cost. So it's just about having good communication with anything there.
Speaker 1:Yeah, excellent. So always just check that first and be guided by your property manager and your insurance company with what they allow and what they don't. Can we just quickly go through the difference between malicious and accidental damage? In the past I've actually been called out a little bit with malicious, accidental and deliberate damage. Are there still three options?
Speaker 2:Yes, okay. So let's think about the carpet in the master bedroom. So if it's accidental damage, the tenant's accidentally done something so they might have. Um, I was trying to give a good example, but I would keep it as a simple wine or something spilled, a glass of wine.
Speaker 2:It was like that they knocked over a glass of wine in the bedroom, right, but the carpet's been damaged accidentally, so it wasn't intentional. Um, deliberate might be. Um, the tenants like ironing. We see this quite often in the property management space where they neglect to use an ironing board and they iron their shirt on the floor and then they burn a mark on the floor and of course that's deliberately damaged because they haven't used an ironing board. So they've deliberately damaged it, or they've used scissors and cut something you know like.
Speaker 2:So that would be deliberately or malicious, was it with angry intent? So I would suggest speaking to the claims team to try and clarify what bucket the damage falls into. But either way, it's damage by the tenant, so you could call it tenant damage. There is different excesses for us, so if it's deliberate damage, we actually have removed the excess, so it's zero, whereas accidental damage has got a $250 excess, which is incredibly low anyway. But yeah, just get some clarity from the claims team. If you want me to give you an example on the building policy. So say, accidentally drove the car through the roller door, or they might have asked deliberately, or maybe that was malicious because it was angry intent. So you kind of see how sometimes it's a little bit grey but it's still damaged by the tenant. So I feel like full disclosure, provide some evidence and the claims team will support you. So, yeah, that makes sense. Does that clarify? Is it a little bit blurry?
Speaker 1:still yeah, no, no, no, it does, and I guess it's also just to highlight that there are sometimes three different options that we don't know about, so it's good to check if your policy covers that as well.
Speaker 2:Check that it's in there, because I don't see all insurances, maybe having all three options too. So you want to make sure that you're supporting your owner with the policy that they have. So, using the right terminology, and if you're not sure, maybe just call it tenant damage or ask the claims team.
Speaker 1:Excellent. Now, last question for you. Oh, actually, hold on. I've got two questions that I want to ask you. Can you clarify periodic leases?
Speaker 2:Okay. So we've got two types of lease agreements. We've got fixed term, whereas they have a start date, and then they have an end date. Periodic leases means that they've got a start date but at the end date they haven't then signed a new agreement again. So it rolls over to what we call as a periodic lease, which just means it runs from day to day, month to month, week to week, whatever that might be. So within our insurance policy, fixed term and periodic leases is the same because the tenant's still in the property. So we still cover, say, rent default, most claim label item. We've got 20 weeks, which is phenomenal. So we would cover up to the 20 weeks, whether it's the fixed term or the periodic. So whatever would expire first. So that's how we use it. But that's definitely a good one to check, because in other insurance companies that might change. So you want to make sure you've got the right coverage if the tenancy changes the tenancy lease agreement.
Speaker 1:So yeah, excellent. And last question for you is what is the best way to compare property, to compare policies. If an owner's got a policy, they want to make sure it's the right one for them. Do you have any tips on how they could compare? And yeah, yep.
Speaker 2:Okay, oh, all right, this is a good one. So some owners just go price driven so, but I'm not one of those owners. However, our policy, I believe, is probably the cheapest price at the moment, so which is really good. But I'm more about the layers of quality within the policy and what the outcome would be if I was to make a claim. So, obviously, rent default. I've managed that. I'd want to make sure that that is about the 20-week mark, so that would be very important for me. I'd also want to be making sure that the contents has those extra layers of like curtains, carpets, light fittings, floating floorboards, underlay and anything that only leaves behind. So if you've got an apartment, you want to make sure things like your dishwasher and your fridge and your bed and cupboards and all those things are covered as well. So, rather than having then a third policy so that would be important in that aspect I'd definitely be checking the excesses, because that's the unexpected surprise when you're already quite stressed is making a claim is what's it going to cost me?
Speaker 2:So the excess is completely up to the owner to choose in the building space. It's really important that the owner gets some advice on that one. So, if the fence goes down. What's the excess you choose? Because that's going to determine how much you pay. So if you're looking to decrease or increase your policy, you can play with the excess amount. Um, oh, there's so much here, ash, I'm building, I would 100. Make sure I got tenant damage. Like I wouldn't even mind if it was like you know, 100 more like that is coins in the scheme of things, really to make sure you've got the tenant damage to your, like, beautiful investment property. So, yeah, so price driven. But absolutely would be number one for me would be quality. So those big ticket items need to be in there for me.
Speaker 1:Amazing, and you know, are you seeing most investors, most clients, are they reviewing every year, every couple of years, keeping an eye on their policy?
Speaker 2:Yeah, some do, some don't. It's a bit of a mixed bag and it's definitely a good tip to owners, to investors. To pick up, I do see the savvy investors call me every year and want to know what's changed, what's updated, all those things. And then we get others that just ignore it until they need to make a claim. It's really important that if we were to change something in the policy, we let you know on renewal. So maybe don't automatically just renew your policy. Have a look at it.
Speaker 2:So if there's something that's been pulled out that you want, you want to make sure that you're not renewing the policy, accepting that change. So that's really probably the best tip. So even property managers, don't automatically renew, pop that out to the investor, let them accept the new terms. I mean, how would you feel if you remove, say, fire, and then you're in a fire zone and you just automatically renew the policy? That could be quite risky for the investor and the property manager. So yeah, I would 100% just have a little tweak. Look over it. Building some automatically gets increased. You can accept that if you want to, or, you know, have a discussion around, maybe reducing that back if you choose. But yeah, you want to make sure that building some amounts um definitely the right space in case something goes wrong in the property.
Speaker 1:So yeah, amazing now it's. It's very rare that you and I keep to a time limit and we have, um so well done to both of us. Yeah, that's impressive and I mean and the the idea again is just to really put a couple of little feelers out there, a little couple of, you know, golden nuggets for owners, just to just to start thinking about. And obviously you do need to go back, you need to read your own policies, understand your state legislation, speak to your property manager and ultimately, what we've sort of summarised today is you're the landlord, you're the owner, you are responsible to understand your policy and understand the process. So that always comes first and obviously you can take some guidance you know, from your property manager as well. But even just knowing these couple of little things that we discussed, hopefully can, you know, take you down the rabbit warren just a little bit if you need to.
Speaker 1:So I like definitely just to summarise a couple of things.
Speaker 1:Just that tip with making sure that if you were an owner occupier, that you have changed that to an investment property and that that risk has been allowed, been allowed.
Speaker 1:Doing a comparison of your policy, keeping an eye on the excess, is really, really important on somewhat a regular basis and not just paying your renewal every 12 months, actually just having a quick look at if there's been any changes there and just understanding the difference in the coverage that you've got and just really doing those comparisons with other policies to make sure that you're on, and just really doing those comparisons with other policies to make sure that you're on the right track and call your property manager and say I'm just renewing my insurance, is there anything that I should be aware of or anything that you've noticed, any questions that you've got, and go from there as well. So even just those little things we've discussed I think can have a massive impact with getting people to start understanding their policies more. So I appreciate your time. Thank you so much, and that is Brenda from PIP. Now can investors and landlords contact PIP directly as well, like they can be direct and speak to you? Oh, absolutely.
Speaker 2:Yeah, we've got head offices in pretty much every state around Australia. We insure from anything below the 26th parallel, so Kalbarri in WA, over to Hervey Bay or Harvey Bay, depending on what side of the country you're from, in Queensland and anything south from there. But absolutely I'll email you some details if you like. So if anyone makes inquiries then you can send them some details and some information about the policy in every state. And I would definitely for all investors, try and combine the building and the landlord. I feel like you're going to save a few dollars and if you're going to make a claim, it's one claim, not two. So two more tips before we go Amazing, wonderful. Thank you so much Ash.
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