Victorian landlords are filing a growing number of insurance claims, particularly in some of the city’s most investor-heavy suburbs. Experts are blaming the rise on new rental protections.
Data from Allianz shows a spike in claims from landlords trying to recover financial losses on properties in more affordable areas such as Hoppers Crossing, Werribee, Cranbourne, and Frankston.
Unpaid rent is now one of the top reasons for insurance claims, according to Allianz. Industry experts warn that this trend is contributing to the ongoing exodus of property investors from the state.
There are growing fears that landlords could soon face even higher insurance premiums. Worse still, some warn that insurers may stop offering coverage altogether for properties with tenants who default on rent.
Related topics:
