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328 | The #1 Checklist For Landlord Insurance – Chat with Greg Rowe

This episode covers everything a landlord needs to know to PROTECT their investment property!

Sure, “Landlord Protection Insurance” probably doesn’t sound like the most exciting topic in the world… but we can assure you it is a VITAL part of a property investor’s Defence Strategy.

Here’s the deal… Building Insurance is NOT enough if you are NOT going to be the one living in your property… you need to make certain you have Third Party Cover and the necessary protection policies in place that are specific to a landlord’s best interests and needs.

So, here to explain The #1 Checklist For Landlord Insurance is an expert in the field – joining us today is Greg Rowe, CEO of Property Insurance Plus (PIP). Greg has extensive knowledge in ALL things Landlord Protection Insurance – like what to do to cover yourself from Loss of Rent, and loss or damage by tenants to your building and contents… on top of the “regular” cover to safeguard yourself from unforeseen events that could occur to your property.

So, what CAN and CAN’T landlords claim if something goes wrong?

What coverage MUST you have in place from the very beginning?

What is the minimum amount of coverage you should be looking at?

Tune in now to find out, folks!

P.S. To recap all of the gold that’s mentioned in today’s episode, here is PDF Report of Greg’s Top 10 Tips For Landlord Insurance – you’ll also get a deeper dive into what some of the legal terms and claims mean… so every landlord can be adequately protected!

 

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Don’t forget… the affordability chart from Ben’s “What’s Making Property News” segment!

 

Here’s What We Cover…

  • 04:01 – How to criticise and not be hated for it!
  • 07:05 – Meet Greg Rowe!
  • 07:37 – How did Greg get into Landlord Insurance, anyway?
  • 09:22 – What is Landlord Insurance and what does it cover!?!
  • 10:01 – What is Building Insurance?
  • 10:24 – What will a GOOD Landlord Protection Insurance over you for?
  • 10:57 – How many investors get Landlord Insurance?
  • 11:55 – What is Public Liability and how much should you be covered for?
  • 13:51 – How much should you be covered for Rental Default?
  • 15:13 – Do insurers let you choose your policies?
  • 16:11 – The Difference between “Rent Default” and “Loss of Rent”
  • 16:39 – Bryce’s experience with his recent claim for a burst water pipe…
  • 17:30 – The subtle (but significant!) difference between a burst pipe and the resulting damage from a bust pipe
  • 18:21 – Why you need your OWN Landlord Insurance even if you’re a part of a Body Corporate!
  • 20:00 – How do different insurers treat floating timber floors?
  • 20:58 – Understanding policy wording… (get the “jargon explained” here >>)
  • 21:10 – What are the different ways insurers treat Bonds?
  • 22:19 – How much should you be covered for contents!?!
  • 23:27 – Does cabinetry fall under “Building” or contents?
  • 22:43 – GREAT Rule of Thumb to work out Building Items vs Contents Items!
  • 23:59 – How did insurance policies change during Coronavirus?
  • 26:07 – The Armageddon Panic that stripped Rental Default off the table…
  • 27:01 – What was the spike in claims during the pandemic?
  • 27:54 – How do underwriters work and what are the layers involved behind insurance companies?
  • 29:07 – What does “Embargo” mean?
  • 31:17 – How many landlord insurers are there?
  • 33:14 – The biggest complaint that came through to PICA during the height of the pandemic…
  • 34:15 – What was the reason behind “Lower Protection but Higher Premiums”…
  • 36:55 – The biggest change in the insurance industry since COVID-19!
  • 39:38 – What is the cover for legal costs to evict tenants?
  • 40:26 – How great property managers come in…
  • 42:05 – Are the certain limitations and premiums for specific postcodes?
  • 42:41 – What is THE MOST COMMON Claim?
  • 43:00 – What is THE MOST COMMON “Oh, no, we thought we would be covered for that!” claim that is NOT covered?
  • 44:42 – How often should you replace the flexi house attached to the toilet?
  • 45:58 – Differences in cover for periodic lease agreement (month-to-month) vs fixed term lease agreement
  • 48:00 – What is the quickest way to find out what you are covered for?
  • 49:00 – Levels of cover for Damage Caused by PETS…
  • 50:07 – How much does Property Insurance Plus (PIP) cover for pets?
  • 52:45 – Coverage for Death of a Tenant…
  • 53:47 – Coverage for SQUATTERS…
  • 55:19 – What are the Tenant Hardship clauses…
  • 56:40 – The Difference between “Flood Damage” and “Storm Damage”
  • 57:16 – When should you get Flood cover?
  • 59:46 – Rookie Mistakes for Beginners…

And..

 

 

279 | How To Master The Pillars in Pandemic Times

As a property investor, you have to master the frameworks. But during a pandemic, you have to tweak specific strategies in each framework to not just survive in this climate, but thrive — now and in the future.

Make no mistake… the fundamentals DO NOT change! But in a brand new world, there’s no doubt that adaptability and proactivity in regards to our Four Pillars of MasteryAsset Selection, Borrowing Power, Cashflow Management and Defence (ABCD) — are critical and will set you up for life… provided you work with this time of self-isolation, economy upheaval and uncertainty… NOT against it!

When this is all over, we will see that the folks who were able to act and adjust quickly will be the ones who get out on top. We have seen it throughout history and most-recently during the GFC… so, while the coronavirus is an unprecedented and uncomfortable time for all of us, there are practical and smart strategies you can adopt NOW to make certain you get through the other side… and not just “unscathed”, but potentially in a great financial position.

So, maximise your results and efforts during this time and you will be rewarded for it.

And, please folks… DON’T buy bargains… the “bargains” are that way for a reason… and we’re going to see a fair bit of this junk stock coming onto the market. So, don’t be tempted. Don’t do anything stupid. And stay focused on the objective.

In this episode:

 

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More on The Pillars of Mastery

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and we’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

 

 

155 | Think you know your A.B.C.D — How to Action The Four Pillars of Mastery in 2018!

It’s the day in our week we most look forward to… Happy Podcast Day, folks!

And, you betcha: this episode is ESSENTIAL!

Why?

If you’re a regular listener of the show (legend), you know that we go on and on about making sure you head back to our earliest episodes (pre-studio & pre-“professional podcast hosts”), because the information we shared in our glory days is vital. It’s foundational. It’s absolutely the name-of-the-game in property investing!

That’s why today we’re revisiting The Four Pillars of Mastery….. the ABCD of Property Investing. Because now, more than ever, they are going to determine the success of your property portfolio.

What are they again? (Click the link for their full episode).

ABCD. Memorise them. Make sure you’re intimate with every detail and action them in 2018.

 

Before we explain how you can achieve all this, we want to let you know that if you missed our Throwback Thursday this morning — either you haven’t checked your inbox yet or are yet to register for our free stuff — we gave you Dr Danika Wright’s slides, Controlling the housing asset bubble: Affordability, financial stability and regulation, which she presented at the Affordability Conference  late last year. So, if you’re interested in The Housing Bubble Debate or Supply and Demand, we suggest you check it out. You can access it here.

(And, remember: $5 is all you need to become a PICA Member!)

 

Right, what’s the deal with today’s episode?

  • What’s the latest with the negative gearing debate?
  • How can Ben’s latest acronym — SACI — influence your cash flow?
  • What is “open banking”, and how can changes in technology influence your cash flow?
  • What is the biggest risk with your cash flow?
  • What are the four categories of cost?
  • Conversational Commerce: Watch this space!
  • Is equity enough to land you a loan?
  • How do you get around the APRA lending changes?
  • Why do you need to have a borrowing strategy?
  • Looking towards the future, are there consequences of going P & I?
  • We’ll say it again: investment stock vs investment grade
  • What are fundamentals of asset selection?
  • What does defence protect?
  • What do you need to know about insurance that’s REALLY important?

 

Resources mentioned:

 

 

006 | Four Pillars of Mastery – Defence

Folks, it’s scary to watch investors pour bucketloads of time and money into budgeting and buying a property, to then not invest in any protection!  

This is exactly why we’re homing in on the fourth and final part of our ABCD Property Investment Formula series: Defence!

Previously, we’ve spoken about Cash Flow Management, Borrowing Power and Asset Selection. If Asset Selection is the favourite of the Four Pillars, then Defence is definitely the least favourite. Most investors are always on the lookout for new investments or new ventures to go into, but the most important asset is actually the investor themselves.

That’s why we’re looking at… 

🛡 HOW to minimise risk across Asset Selection, Borrowing Power and Cash Flow Management… 

🛡 WHO you shouldn’t be taking advice from…. (Hint: Ben and Bryce are declared enemies of these types of advisors 😉)  

🛡 WHY you should be investing in certain policies and mortgage brokers… 

And why mining towns aren’t the ideal investment – especially if it’s your first property!  

So don’t end up like some of the people that Ben references in today’s podcast, or spend years investing to be blindsided by weak defence… 

Tune in and get smart with our final pillar in the Property Investment Formula!  

 

Free Stuff Mentioned:  

Just starting your property investing journey? Check out our FREE Binge Guide to the Foundations of Property, Finance and Money Management, which show you which episodes you need to understand the basics! Or fill in the form below and we’ll email it to you right away. 


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Here’s some of the gold we cover…

  • 1:18 – When we say defence, we’re talking about… 
  • 1:50 – Why you need to unpack YOUR story  
  • 2:35 – Risk mitigation and Borrowing Power 
  • 3:40 – The 3 filters for determining Defence in Asset Selection  
  • 5:00 – Understanding Risk vs. Reward 
  • 5:25 – Mining Towns vs Blue Chip areas  
  • 6:10 – How you should be analysing properties (and what you shouldn’t be seduced by!)  
  • 7:50 – Who you should be taking Defence advice from!  
  • 10:14 – The BIGGEST defence you can have in Cash Flow Management  
  • 12:30 – How to install defence measures to you Borrowing Power  
  • 13:00 – Why you need an _____ _____ mortgage broker!  
  • 13:42 – What are we actually protecting? 
  • 14:08 – How to mitigate asset risk  
  • 15:45 – Defence for assets is also defence against _____!  
  • 16:08 – How to protect your income and lifestyle  
  • 17:55 – Why THIS type of insurance is important as you get older  
  • 19:42 – Help us educate others! 

 

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