Fire at Melbourne’s Docklands – Why Landlords need Landlord insurance
Fire at Melbourne’s Docklands – Why Landlords need Landlord insurance.
No doubt you are aware of the building that caught fire at Docklands in Melbourne yesterday morning.
This is a great example of why Landlords need to have their own Landlord insurance – Please see below exert from information sent to owners of apartments within the building from the Owners Corporation:
Insurance Matters
Please note: All residents who have insurance should advise their insurance companies of the fire as the Owners Corporation’s insurance does not cover personal property.
Please note: All owners who have contents insurance should advise their insurance companies of the fire. The Owners Corporation’s insurance does not cover curtains, carpets, blinds and light fittings. The Owners Corporation’s insurers has requested that you provide your insurance details.
Please note: Owners who are landlords will not be able to make claims under the Owners Corporation’s insurance policy for any loss of rent resulting from this fire. Owner/Occupiers will be able to make claims under the Owners Corporation’s insurance policy to cover temporary accommodation costs. Unfortunately, the Owners Corporation’s insurance does not cover tenants who are not owners for their temporary accommodation costs.
PIP insure a number of properties within this complex and have received a number of claims – the Owners corporation are saying that the apartments directly affected by the fire will take up to 3 months before they are inhabitable and the ones water damaged (the sprinklers went off throughout the building) between 7 – 10 days. Carpets will need to be replaced in all of them as well as many other contents items such as blinds.
Had these landlords not taken cover, they would be up for a large repair bill and loss of rent…” Author Greg Rowe PIP Insurance.
Imagine being woken at 2:30 am at night and your building is on fire. Around 500 people had to be evacuated and now many are temporarily homeless while the fire and flood damage are repaired. Terrifying.
For more information on insuring your investment property with PIP, please email rentals@buyersolutions.com.au.
For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.
Buying property, Investment, Investment property, Landlords, Real Estate News & Opinion
+61 39816 8555