Now a top landlord insurer, Terry Scheer, has announced it will stop taking on new landlord insurance clients “until further notice”.
It is a tricky time for affected landlords and tenants. As this decision highlights – insurers are also grappling with uncertainty.
So what support is available for landlords who are affected by rental income loss during COVID?
Terry Scheer tells policy holders on its website there is cover: “If your tenant loses their job, gets behind in their rent and vacates the property leaving rent unpaid.”
With the government declaring an eviction moratorium, tenants who can’t pay rent, will keep a roof over their head. Rent will continue to accrue while they remain in the property. Terry Scheer tells its policy holders that when your tenant leaves the property – which may be after the moratorium – “there is cover for unpaid rent”.
If you’re facing loss of rent, get in touch with your landlord insurer to make an informed decision about your circumstances.
The Queensland Government has a COVID website offering advice for property owners. You’ll find help for renters on its COVID hub too.
The state government has also announced land tax relief. Will that help you? First of all, your property value needs to meet the threshold at which you start to pay land tax. And you need to meet COVID eligibility criteria.
Need some help working out your next best move? Talk to us about landlording or contact us for a chat.
