IS YOUR INVESTMENT PROPERTY READY FOR THE STORM SEASON?

IS YOUR INVESTMENT PROPERTY READY FOR THE STORM SEASON?

By Aaron Booth on Dec 01 2016


Every day is getting a little bit warmer than the last, the humidity is building and storms will be the inevitable outcome at some time over the summer months. Wild weather has been the norm through South Australia and much of Victoria during the cooler Mediterranean season and wild weather has already impacted parts of the country.  For Queensland the storm season comes over the summer months.  Storms and cyclones are a familiar occurrence for us.

Every day is getting a little bit warmer than the last, the humidity is building and storms will be the inevitable outcome at some time over the summer months. Wild weather has been the norm through South Australia and much of Victoria during the cooler Mediterranean season and wild weather has already impacted parts of the country.  For Queensland the storm season comes over the summer months.  Storms and cyclones are a familiar occurrence for us.

Storm cells and cyclones can be totally unpredictable and result in torrential rain causing flash flooding, destructive high winds and dangerous lightning strikes. This manifestation of Nature can cause major damage to investment properties and landlords should have their properties storm and cyclone ready.
A diligent managing agent should alert their landlords to a few essential things:

1. Does the property owner have adequate insurance to cover the cost of any potential damage? Owners should not assume coverage against flood and storm damage but read the fine print.  Queensland insurance cover has tightened considerably following the 2011 flood events.

If an investment property is held under strata title and governed by a body corporate, it’s likely that strata insurance is linked to the building insurance as a portion of the body corporate fees. This insurance usually covers the structure and common areas of your complex building, however, it does not cover personal belongings that are inside a unit, so it is vital to look into contents insurance.

2. Ensure that any trees or branches that may cause damage in the event of a   storm have been trimmed and removed.  Such garden maintenance should be part of the landlords ongoing maintenance plan but need special attention during the storm and flooding season

3. Ensure that gutters, roof valleys, downpipes and storm water drainage are cleared and free from leaves and debris.

4. Ensure that roof tiles are free from cracks, ridge capping is renewed and pergola and balcony rooves are secure and waterproof.  Just as much damage can be done by water leaking to the interior of the building through breaches in the integrity of the structure as by rainwater and flooding.

5. Visit the local council website for more information on how to be ready for storm season.
Being vigilant can save thousands of dollars for the property owner, so savvy investors should have a conversation with their property management team…sooner rather than later!

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