Property Managers: Authorisation for Insurance

Property owners in Australia often hire property managers to handle the administrative tasks associated with owning a rental property. While property managers can assist with various aspects of property management, there are certain responsibilities they may not be able to fulfil, such as arranging landlord insurance on behalf of the owner. At Angelic Insurance, we frequently receive inquiries from property managers who have been requested by landlords to arrange insurance. However, it's crucial to understand that property managers need proper authorisation to handle insurance matters.

The Benefits of Landlord Insurance for Property Owners

Ensuring that property owners hold landlord insurance offers several advantages. Firstly, it simplifies the property manager's job in case the landlord needs to file a claim in the future. By having a comprehensive insurance policy in place, property owners can protect their investment and mitigate potential financial risks. However, property managers should exercise caution to avoid providing insurance advice if they are not authorised to do so.

Compliance Requirements for Property Managers

All property managers who are providing Landlord policies to the clients must complete various compliance modules and fulfil all the obligations enforced on them by the insurers and underwriters before engaging in insurance-related activities to ensure compliance with industry regulations and standards.

Property managers who are not authorised distributors can still inform property owners about the importance of landlord insurance by providing them with informative brochures. However, it's important to note that the property owners must personally complete and sign the proposal forms, which can be sent directly to us via email or submitted online through our website. Landlords cannot provide signed documents to property managers for submission on their behalf.

Handling Payments and Claims

If authorised by the property owner, property managers can handle invoice payments and assist in lodging insurance claims on the owner's behalf. This can streamline the insurance process and offer convenience for both property owners and managers.

The Importance of Avoiding Providing Advice

Regardless of whether property managers have distribution agreements in place or can act only as referrers, they are not permitted to offer recommendations or influence property owners in their decisions regarding financial products, including landlord insurance. To ensure compliance, property managers should focus on providing factual information during their conversations with property owners.

Partner with Angelic Insurance for Support

At Angelic Insurance, we understand the challenges property managers face when dealing with insurance matters. Our team is here to provide support and answer any questions you may have regarding your authority or the possibility of becoming our referral partners. Feel free to give us a call, and we'll be happy to assist you.

Landlord insurance is a crucial aspect of property ownership in Australia. Property managers play a vital role in informing property owners about the importance of securing proper insurance coverage. By understanding their limitations and complying with industry regulations, property managers can effectively support property owners in safeguarding their investments. For expert guidance and assistance with insurance-related matters, trust Angelic Insurance.

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