Terri Scheer Insurance manager Carolyn Majda says theft claims handled by the company have jumped 42 per cent in the past year, with the average total increasing by almost 20 per cent. "This can be costly for landlords if they do not have adequate insurance to cover replacement costs," she says.
"This is a particular issue for rental properties that are fully or partly furnished."
Items often seen on claim forms include fridges, washing machines, dishwashers, beds and mattresses, plasma televisions and framed pictures.
Some more unusual items also claimed are split-system airconditioners, lawnmowers, taps, door handles and even a kitchen sink.
Ms Majda says there are a number of ways landlords can avoid being left out of pocket - the most important being properly insured.
"It's also important to keep purchase receipts and take an inventory of all the items in your investment property, including their make and model number, the condition they are in and their value," she says. "The inventory along with proof of ownership, such as receipts, photos or videos, will assist you in the event that you need to make an insurance claim.
"It will also help to accurately determine replacement costs.
"If you do fall victim to theft, report it to the police and include the police report number for your missing items in your insurance claim."
Emily Sim, national service manager of property management website www.apmasphere.com, says landlord insurance is the best protection from the "tenant from hell".
"Many of us have had the dinner-party conversation about the tenant from hell and the thousands of dollars lost when rent is unpaid or the property is damaged," she says.
"The only way to protect against this is a landlord insurance policy, which is more accurately described as tenancy insurance."
Ms Sim says a landlords contents insurance policy can offer more protection against property damage.
"As for malicious damage, there is a requirement on the policy holder or their property manager to actually prove the tenant's intention was to be malicious," she says.
"The only evidence is the actual damage itself, so an assessor will make this decision."
However, Ms Sim says one of the common misconceptions is that when a tenant does not pay the rent, you are covered.
"Wrong," she says. "Usually evidence that the tenant was evicted from the property as quickly as possible in line with the legislation will be required, just to make sure no one is giving the tenants any kind of leniency and then trying to claim this on insurance."
Source: The Advertiser
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