We all think “it won’t happen to us” however for one of our landlords recently it did happen.
One Monday morning in September we received a call at the office that the police were at one of our rentals as a car had gone through the wall. We thought it was a mistake – turns out it DID happen.
An older lady in a property opposite this rental was backing out of her driveway, panicked and hit the accelerator. This catapulted the car across the road, through a garden and through the external wall of the main bedroom. Thankfully and miraculously no-one was hurt.
What has ensued is weeks of negotiation with insurance companies and tradespeople. Not to mention a concession of rent for the tenants who were able to stay on at the property but were unable to have full use of the property during the time of the repairs. This part was not covered under insurance but was offered by the landlords in a gesture of good will and understanding of the tenants’ predicament.
PLEASE – take a moment to give your insurance company a call. Make sure your investment property is fully covered for whatever may, or may not, head your way.