In Canberra, it turns out that ACT Policing are the ones who knock. If you’ve been following the news, then you’ll know that they recently seized more than $6 million worth of cannabis from a number of rental homes across the ACT.
The really scary thing is, the police believe it is likely there are more of these so-called ‘grow houses’ out there in our community. Thankfully, if you own an investment property, there is an easy way to avoid being taken advantage of by criminals.
A lot Australians love services like Airbnb. For travellers, they allow you to easily find affordable holiday accommodation, especially in cities with notoriously high hotel room prices. For homeowners, it provides an easy way to earn a little extra money by renting out your house, apartment, or your spare room for a night or two.
However, before you decide to open up your property for short term leasing, there are some potential downsides you should be aware of.
Most people who own valuable assets, whether it be a car, a rare comic book collection, or their own home, understand the value and importance of insurance. It’s a safety net, there to protect you if the unexpected happens.
If you own an investment property, the right insurance is especially important. Unfortunately, a lot of landlords don’t realise that your typical home and contents insurance policies don’t provide the cover you need.