Protecting an investment property goes beyond buying insurance and filing away the policy. Good records, timely maintenance and a clear understanding of your cover all matter when something goes wrong.
The starting point is knowing what you have insured. Building insurance and landlord insurance can cover different risks. Depending on the policy, landlord cover may include tenant damage, rent default or loss of rent after an insured event. These benefits are not automatic: check the product disclosure statement, policy schedule, limits, excesses and exclusions. A tenant’s personal belongings generally require their own contents cover.
Here are nine practical habits I recommend owners discuss with their property manager and insurer. They help manage risk and support a claim; they cannot guarantee that a policy stays valid or that every claim will be paid.
1. Stay on top of deadlines
Keep a calendar for policy renewals, tenancy paperwork and claim notification requirements. Pay premiums when due, respond to requests promptly and retain copies. Ask your insurer what changes must be reported, including vacancy, renovations or a change in how the property is used.
2. Get entry notices right
Respecting a tenant’s home starts with lawful entry. Use the correct notice and notice period for the purpose of the visit. In Queensland, a routine inspection generally requires at least seven days’ notice using the Entry notice (Form 9). Other reasons for entry have different rules. An administrative error does not automatically invalidate insurance, but it can create a tenancy dispute.
3. Prepare a thorough condition report
Record the property’s condition at the start of the tenancy, supported by clear, dated photographs. Follow the required process for giving the report to the tenant and recording their comments. Retain entry and exit reports so there is a useful comparison if damage is later disputed or claimed.
4. Assess affordability lawfully
Use Queensland’s required standardised rental application process and assess ability to pay using permitted information. Request only the information and supporting documents allowed under current rules. Bank or credit-account transaction histories cannot be requested. Keep applicant information secure and use it only for its permitted purpose.
5. Check rental history carefully
Follow up permitted references and verify relevant rental history. If using a tenancy database, follow the rules about searches, notification and listings. These databases are operated by private companies; the RTA does not operate them. Fair, consistent checks help you make an informed decision without assuming any applicant is risk-free.
6. Keep smoke alarms compliant
Queensland rental domestic dwellings must have compliant interconnected photoelectric smoke alarms. Arrange the required installation, testing and maintenance, and retain records of the work. Clarify the owner’s and tenant’s responsibilities. Safety compliance protects people first and provides useful documentation if an incident occurs.
7. Maintain pool safety
If the property has a regulated pool, keep the barrier and gates compliant and check the applicable leasing and certificate requirements. Shared and non-shared pools have different arrangements. For a non-shared pool, a current pool safety certificate is required before entering into an accommodation agreement. A certificate does not replace ongoing barrier maintenance.
8. Keep accurate records and address repairs
Retain the tenancy agreement, rent ledger, notices, inspection reports, maintenance requests, invoices and relevant communications. Respond promptly to repairs and document what was done. Ask your insurer about obligations relating to maintenance, rent arrears and claim evidence rather than assuming every policy has the same requirements.
9. Schedule inspections within the rules
In Queensland, routine inspections generally cannot occur more than once every three months unless the tenant agrees in writing. This is a limit on frequency, not a legal requirement to inspect every three months. Check your policy’s inspection conditions and plan a lawful schedule with your property manager. Record findings and follow through on repairs.
A system you can rely on
A capable property manager can help coordinate these tasks and keep the records organised. The owner still needs to understand their insurance and confirm that the cover suits the property.
My advice is to review the policy and management arrangements together. Knowing who is responsible for each task makes it easier to spot gaps before they become problems.