![]() ‘monitor rents on a weekly basis with written notification being sent to the tenant(s) whenever rent is 14 days in arrears’ AMI Insurance While policies will differ between providers, what is very clear is that to be eligible for rent arrears cover you must actively monitor payments weekly.ĪMI Insurance states that the landlord’s obligation below, including that the landlord must apply to the Tenancy Tribunal if rent is 21 days in arrears. Keeping track of rent payments is one way to get ahead of this before it becomes a problem. Rent arrears is one of the most common reasons that landlords and tenants come before the Tenancy Tribunal. Article: How often should I inspect my rental property? Tracking rent payments However, inspecting this often could not only be an unnecessary waste of time, it could upset your tenants. Legally, you can inspect your property once every 30 days. To be compliant with insurance, these inspections must be well documented with dates, written notes and photographs. Most insurance companies require inspections once every three months. So, make sure you read carefully to understand what you need to do when inspecting your rental property. Your obligations under landlord insurance can vary between providers. At IAG we’re seeing an increasing number of meth contamination claims and escalating public awareness of the health issues surrounding meth,” the company states in a video explaining the changes. “The use of meth and its manufacture is widespread, and a growing problem throughout New Zealand. The largest insurance provider for New Zealand, IAG says the changes come after noticeable increases in meth contamination claims. Unfortunately, this will be expensive for landlords who have contamination as testing alone can cost up to 2,500 dollars. IAG says landlords who fail to comply with any of the obligations of landlord insurance or home and contents insurance will not have meth contamination claims approved. Landlord Insurance for meth contamination keeping photographs and written records of each inspection, and.background and credit checking prospective tenants and keeping copies of the checks.This means that New Zealand landlords now need to be meeting new obligations. IAG’s policies covering methamphetamine and loss of rent are changing. It can include cover for things like intentional and accidental damage, loss of rent, and meth contamination. Landlord insurance helps you to protect your investment, but only if you are meeting your obligations.
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