Accidents happen. We’re only human, and despite our best efforts, perfection eludes us. From a dropped glass jar in the kitchen to a wild cricket throw in the backyard, we’ve all experienced mishaps that result in property damage. These minor accidents are commonplace, and a small chip in a tile or a broken window is usually easy to handle – you break it, you pay for it.

But what if your tenant forgets about something on the stove, leading to a small kitchen fire and significant damage to the property? This kind of accident can be much costlier than a broken glass, and it’s where things can get a little complicated for property investors. While the property owner wasn’t responsible for the accident, they may still find themselves stuck with the cleanup bill.

Most renters’ contents insurance won’t cover such incidents, and when the repair or replacement costs soar into the thousands, many tenants might struggle to foot the bill. This can quickly strain the landlord-tenant relationship if a solution isn’t reached promptly, or if the attempted repairs fall short of expectations.

This is precisely why having the right insurance coverage for your investment property is crucial. It’s not just about malicious damage; accidental cover is equally vital. You wouldn’t want to discover, after a costly accident, that your insurance policy doesn’t provide the protection you thought it did.

Insurance companies sometimes overlook the fact that unpaid rent and renter accidents are not automatically covered in the policies they sell for investment properties. And when it comes to accidental damage, we always want to find a solution sooner rather than later. Going to a tribunal to determine responsibility can lead to further complications and strained relationships.

Because, at the end of the day, when a hearing is held at the tribunal, the member making the decision often favors the party with bandaged and blistered hands over the property owner who’s concerned about matching vinyl in the kitchen with the rest of the house.

In contrast, malicious or deliberate damage by a tenant is usually easier to assign responsibility for, which both tribunal members and insurance companies prefer. It’s not that they prefer such incidents; it’s just that they are more straightforward to handle.

So, the moral of our story is clear: when it comes to your insurance policy, it pays to read the fine print. Don’t be caught off guard by unexpected costs and inadequate coverage when accidents happen. Protect your investment property with the right insurance, including accidental cover, and ensure you’re prepared for whatever unexpected challenges may come your way.

Ready to safeguard your investment property with the right insurance? Contact us today to explore your options and secure your property’s future. Don’t let accidents become costly headaches; be prepared with the right coverage. Your investment property deserves it.