Thought Leaders – Real Estate Re-imagined (formerly The Elevate Podcast) When life happens: Sharon Fox-Slater on why landlord insurance is a must, the strangest claims made, and what to tell a client who says they don’t need insurance
As the head of EBM RentCover, Sharon Fox-Slater has seen it all when it comes to weird, wonderful and common landlord insurance claims.
From natural disasters to tenant damage and public liability risks, her experience is proof that adequate insurance can be a financial lifesaver when life doesn’t quite go to plan.
In this episode of the Elevate podcast with Elite Agent Managing Editor Samantha McLean, Sharon looks back at 30 years of EBM RentCover, sharing an insight into the most common landlord claims, major insurance myths, and real-life instances when insurance was the difference between rebuilding and financial ruin.
She discusses how property managers can help landlords make a claim, shares some fascinating true examples of strange things that happen and looks at the types of insurance no landlord should be without.
From misconceptions about pet damage to how current economic conditions are impacting tenants, Sharon provides expert commentary on why every landlord needs insurance, and how the real estate industry can best serve their clients in the event of the unexpected.
And then there’s the story of what happens when permission for a couple of pets turns into a tenant-run wildlife rescue shelter complete with 100 animals including foxes and dingoes…
If you’ve ever wondered what to say when a landlord claims they don’t need insurance, this podcast illustrates why coverage is a must, touching on how the industry navigated a recent swathe of natural disasters plus a global pandemic, and why it’s in the interests of your clients to see that they are adequately insured.
“If your tenant had an accident and they were deemed responsible for that and it went into millions of dollars, could they afford to pay for that? Because for a reasonable cost, they’ll be protected if something goes wrong.” – Sharon Fox-Slater
Sharon and Samantha also discuss:
- What property managers need to know about landlord insurance and how they can help their clients make a claim.
- When landlords need to take out insurance and why it’s too late when a natural disaster is imminent.
- How to ensure landlords and tenants are prepared when mother nature strikes, and what to do before, during and after an event.
- How a global pandemic prompted panic insurance purchasing, and what proved the most surprising impact of Covid-19.
- The most common misconceptions about insurance, including what can and can’t be claimed, how long it takes for a claim to be processed, and why pets aren’t the biggest problem.
- How recent natural disasters and supply issues have impacted insurance claims and rebuilding work, and why communication is key after a major event.
- The strangest claims Sharon has witnessed, and how property managers can help landlords and tenants avoid costly mistakes.
- How insurance has changed over the past 30 years, and why EBM RentCover seeks to be an insurer with a difference.
- Why it’s a misconception that insurers seek to avoid paying out a claim and how much EBM RentCover has protected landlords over three decades.
Plus much, much more…
Links and resources mentioned
Sharon on Elite Agent
- Sharon Fox-Slater: beware the underinsurance trap
- Sharon Fox-Slater: Explaining the sum insured to landlords
- Insurance claims: What’s the hold up?
- Sharon Fox-Slater: 12 landlord insurance misconceptions
- Sharon Fox-Slater: What to do before and after a flood
- 30 things to look for in landlord insurance
- What to do if a tenant dies: Sharon Fox Slater
- Renovating and insurance cover
Connect with Sharon