A new type of insurance and security specifically designed for open home inspections, was recently launched by well-known real estate industry figure
Peter Kelaher.Open Home Insurance & Security is designed specifically to protect vendors, landlords and tenants during open home inspections by choosing a loophole in the vast majority of standard Home and Contents Insurance Policies.
As Kelaher says: “Once you’ve invited people into your home for an open inspection, most insurance policies don’t allow for a claim against theft or damage…and in the eyes of insurance companies, that’s exactly what you’re deemed to have done when you open your home for inspection.”
Tailored specifically for these occasions, Open Home Insurance & Security offers two simple, affordable, comprehensive and essential protection measures to deter thieves and protect against damage and theft.
- Firstly, an insurance policy from $295 that provides cover for accidental and malicious damage, inclusive of theft, for up to $5,000 when selling or leasing your property. Nil excess applies to policy. (Higher sum insured’s available).
- Secondly, licensed on-site security personnel at your open inspection who complete photo identification checks on every visitor entering a home, leaving the real estate agents to concentrate on prospects, not suspects.
Kelaher says that when customers engage Open Home Insurance & Security, they benefit from a number of deterrents that stop thieves from even contemplating coming to their open inspections. The first is visible signage on internet advertisements advising people they may be asked for photo ID or be under video surveillance at the open inspection. The second is an A-frame Open Home Security sign displayed at the front of the property during an inspection, advising people that security personnel are presently on-site.
Some agents who have had the unfortunate experience of attending the CTTT (Consumer Tenancy & Traders Tribunal) in NSW receive a shock to learn that Clause 61, Sub-Section 2 of the new act, says that the agent or the landlord can now be held responsible by the tenant or vendor should something be stolen or damaged at an open private inspection.
“Now…if a vendor or landlord takes out this new insurance policy and theft or damage does occur at an open home inspection, the gap has been removed,” says Kelaher. “It’s made very clear that agents are there to concentrate on ‘prospects not suspects’ and that, should anything happen, any claim will come straight to Open Home Insurance & Security, not the agent”.
For more information on Open Home Insurance & Security go to: www.ohis.com.au or call 1300-366 738 Australia wide.
Source : The Australian Real Estate Review (Spring 2011)