If a lot owner who conducts short term letting in his unit has a loss of rent insurance claim, should that be paid at the market rent value or the short term rental rate?
A lot owner who conducted short term letting in his unit was seeking a loss of rent insurance claim. The insurer only paid out at a market rent value rather than the short term rental rate. Of course, this amount was considerably lower than the short term rate. Is the insurance company responsible for compensation at the the short term rental rate?
Short term letting really differs from policy to policy
Short term letting really differs from policy to policy. There are some insurers who require you to have a rental agreement in place. Now, obviously, that's not possible.
You really need to get advice specific to what the coverage is under the policy. If you're not being treated fairly in a claim, a good broker would put your case forward for you and fight the issue.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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