News

Landlord claims soar in 12 months

by
April 14, 2017

LANDLORDS in Campaspe Shire received more than $73,000 in insurance payouts last year — seven times as much as in 2015.

LANDLORDS in Campaspe Shire received more than $73,000 in insurance payouts last year — seven times as much as in 2015.

New data from RACV shows the big increase despite the shire recording the same number of claims (nine) in both years.

In Moira Shire there was $31,700 in insurance payouts — nearly half of the tally in 2015.

Across Victoria, landlord insurance claims increased almost 24 per cent in 2016 and cost $1.7m more than the year before.

Storms and malicious tenants were the most common reasons for landlord insurance claims.

RACV home insurance general manager Stacey Maher said the figures were a timely reminder for landlords to have adequate cover.

‘‘In addition to tenant damage, landlords should also consider the cost of storms, floods and fires and how a lack of adequate insurance cover could seriously impact their investment return,’’ she said. ‘‘RACV data reinforces the importance for landlords to have the right policy and know what they are covered for.’’

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