WARNING! this may put you off property investment!!

[tssk]

As a tenant (looking at investing soon) I feel somewhat sorry for the tenant who has had his possessions and living area destroyed.

However, he has no right to ask you to compensate him for lost property. That's a matter for his insurance company. If he didn't pay contents insurance, well I guess he'll have to try and sue the perpetrators (although I'm guessing he'll have tio stand in line.)

Having said that, if I was in his shoes I'd be more worried about having a roof over my head, not the lost stereo...

 

[natmarie73]

Quick question - why would this be landlords insurance involved and not normal building insurance (or body corp insurance)? Surely the situation would be much the same if it were your own house that was torched - you would claim on the building insurance rather than your landlord insurance seeing it wasn't actually the tenant who did the torching (malicious damage or accidental damage by the tenant).

 

[investor]

Geez Ross

It's taking you a while to finish the reno, what's holding you up ?

I'm waiting for the after shots, really should have been finished by now !!

Regards

Investor

 

[rossv]

Hi All,

It's done!

Took longer than planned but another unit became vacant so installed new kitchen, vanity, carpet and paint in that one and installed a new kitchen for an existing tenant in a third unit.

some responses:

to those wondering why I elected to do the work myself rather than going the insurance route ruby answered that

I'd say Ross's reasoning for doing the reno himself is totally insurance based. Yes the insurance company will pay for the renovations, but at what eventual cost to him?? He's one cluey guy....*cough cough*......did I say that??? He will have weighed up all options, and no doubt made the best decision for his situation.

geez that comment must have hurt ruby.........

Asy: all correct........except the marble!

I strongly suggest that you do make an insurance claim. It will get you up and running quicker.

BKH, please tell me what insurance company will get a claim approved and unit renovated with-in a week...............I would be most interested.


Just to clarify, this has nothing to do with landlords insurance.
Building insurance does cover me for lost rent.
IMHO landlords insurance is not worth the cost. After you hold a certain number of properties self insurance becomes more viable.

So, having spent 8 days (1 day was lost as I had to come back to syd) I now have three units all with a 20% increase in rent.

You don't need to be einstein to figure out that I would still be waiting if I had gone the insurance route.......and with an increased premium and excess I still would have ended up paying.

For those of you wondering if I am replacing any of the tenants contents.........ummm......NO.

And for the superstitious .......yes it was unit No......13!!


rossv
asleep for the next 24

 

[rossv]

new kitchen to burnt out unit

the top colour.........."charcoal" !! .........of course

/forums/photopost/data/501/55u14.jpg

[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]

 

[rossv]

another one

/forums/photopost/data/501/55pol_0183b.jpg

[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]

 

[rossv]

And one of the other kitchens installed

/forums/photopost/data/501/55pol_0179b.jpg

[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]

 

[Jamie]

Nice one Ross!

Good to see everything back up and running again. And the hike in rent wont hurt in the long run either

Congrats,

Jamie.

 

[XBenX]

a minor stumble ross

luckily there is still lots of fat left in those wagga unit Im still wiping the drool away months after viewing the comparables.

seems you dealt w/ the matter swifty and cheaply

almost a win - win w/ those increased rent

 

[watto]

Cripes your on "FIRE" rossv...........


cheers
watto