Lithgow Property Management Monthly Newsletter
July 2026
Greetings from Mikayla's Desk
Another financial year has come and gone, and we are pleased to let you know that all End of Financial Year statements have now been finalised and issued to our property owners – if you have not received your statement please reach out to your property manager.
We understand that tax time can be overwhelming trying to organise all of the paperwork required to lodge your tax returns, so our goal is to make things as simple as possible for our property owners. The end of financial year statement provides a summary of your property’s income and expenses for the year, and should be a helpful resource for you and your accountant.
As you prepare your tax return, it is also a good time to gather any supporting documentation you may need. Throughout the year, copies of invoices relating to your investment property have been included with your monthly statements, providing a record of all maintenance, repairs and other property related costs paid from your rental funds received as well. You can also access copies of your statements and documents through your Property Me Landlord Portal at any time as well.
If you have any questions about your statement or require copies of any documents, please reach out to our Property Management team.
Visit us at Mudgee Small Farm Field Days - Site 390
McGrath Rural is excited to announce our participation in the upcoming Mudgee Small Farm Field Days’ event for the 4th year running. Every year we look forward to meeting visitors keen to learn more about the Mudgee lifestyle and reconnecting with locals and clients.
When: Friday 10th + Saturday 11th July
Learn More
Landlord Insurance - Why It's Important
For many property investors, arranging insurance is a simple box to tick, often done at the same time as securing finance. In fact, when a property is financed, the lender will typically encourage the borrower to take out insurance straight away. In most cases, this is building insurance, designed to protect the asset itself and satisfy the lender’s requirements. While this approach is convenient, it raises an important question: is it enough for landlords?
Insurance products offered through major financial institutions are often designed with simplicity and accessibility in mind. They provide a straightforward way to get essential cover in place quickly, particularly during the busy process of purchasing a new property.
Typically, this type of policy will focus on building cover (to protect the structure against events like fire, storm, or flood) and basic levels of protection aligned with lender requirements.
For owner-occupied homes, this level of cover can often be suitable. However, investment properties introduce a different set of risks, ones that may not always be fully covered by general policies.
The unique risks of renting
Owning a rental property is not quite the same as owning your own home. Landlords face a unique range of risks, including:
- Tenant damage, whether accidental, intentional or malicious
- Loss of rent if the property becomes uninhabitable or the tenant refuses to pay
- Liability, if a tenant or visitor is injured on the property
- Legal expenses, such as disputes over tenancy agreements
Most of these risks are commonly associated with renting a property and can have a direct impact on a landlord’s income.
What specialist landlord insurance offers
Specialist landlord insurance is designed with rental-specific risks in mind. Rather than focusing solely on the building itself, these policies often take a more holistic view of the investment.
Depending on the insurer and level of cover, landlord insurance policies may include:
- Protection for loss of rent following an insured event (fire, storm and flood)
- Cover for tenant damage and rent default
- Optional contents cover for items provided as part of the rental (such as appliances or furnishings)
- Legal liability
- Pet damage caused by the tenant’s pet
- Death of a tenant (loss of rent if a tenant dies and the property is uninhabitable)
- Drug lab clean-up
- Legal expenses and tax audits in relation to the property
The main difference is that specialist landlord insurance is also built for how the property is actually used (earning income) not just the body of the building.
Convenience vs suitability
Many people arrange insurance through a bank or major institution for a quick and straightforward solution when purchasing a property. However, convenience does not always equate to suitability.
For those with rental properties, the presence of tenants introduces risks that standard cover may not fully address.
We encourage landlords to review their cover to ensure it aligns with their investment goals and the risks they face. Specialist policies can broaden protection to reflect the risks you are more likely to face.
Getting it right
The right insurance depends on the individual landlord, the property, and how it is managed. Some may find that a standard building policy provides a sufficient starting point. Others may benefit from exploring options that are designed for rentals.
The key is understanding what is and is not covered.
Taking the time to review your policy, ask questions, and compare features can help ensure that your insurance is working the way you want it.
Sourced from EBM insurance
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McGrath Lithgow's Property Management Team
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Maximise your investment potential. For over 30 years we have been refining the McGrath Leasing System to ensure we provide our clients with a distinct advantage.
Whether you are a first-time investor, multiple owner, or renting out your family home, our team is committed to delivering the best possible result.
Our Offices Reach Network Experience
Mudgee
79 Church Street, Mudgee NSW 2850
T: (02) 6372 2584
Rylstone
90 Louee St, Rylstone NSW 2849
T: (02) 6379 1955
Lithgow
71 Main St, Lithgow NSW 2790
T: (02) 6352 5125
Rural
79 Church Street, Mudgee NSW 2850
T: (02) 6372 2584
