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Rene Swindley: what does loss of rent insurance actually cover?

If a rental property suffers damage that makes it unliveable, the house will become unoccupied and the landlord will lose rental income until the house can be repaired and re-tenanted. Damage caused by major events like flooding, earthquake or fire could take months to repair, meaning months of no rental income. Loss of rent insurance is designed to put the landlord in the same posi...
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{{name}} - APIA Auckland Property Investors

Rumour has it...

Landlords are, understandably, feeling vindicated and excited about the RTAA 2019 which now makes tenants liable (up to a certain extent) for carelessly damaging the property. But Parliament being Parliament, its legislative language leaves much to be desired. It should come as no surprise then that various hot-takes arrived at different conclusions as to exactly how will the tenants be ...
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{{name}} - APIA Auckland Property Investors

Is the RTAA insurance disclosure a step too far?

This week's question comes from Sue: I have just been advised that with the changes to the Residential Tenancy Act my property manager needs to file my insurance policy pertaining to our rental and the amount of excess and supply both to our tenant on request. Do you have an opinion on supplying such information to a tenant? I understand it has become law, but it seems like a gr...
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{{name}} - APIA Auckland Property Investors

RTAA 2019 - a partial reversal of Holler

The Residential Tenancies Amendment Bill (No 2) received its Royal Assent on 30th July 2019 bringing about significant changes for landlords to pay attention to. One such change concerns careless damages caused by tenants at rental properties. Note that this commentary relates only to careless damages caused by tenants at rental properties. 1. Background Prior to 2...
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{{name}} - APIA Auckland Property Investors

Peter Lewis: Insurer's duck-and-dive move can spell disaster for landlords and tenants

The basic principles of property insurance are relatively simple. Let us say that there are 100 houses in a town, and looking back over many years we find each year one of those houses burns down and then must be rebuilt at the owner’s cost. So each owner faces a one-in-a-hundred chance of incurring that expense. Of course, at 1% those odds are reasonably good, but if you are unlucky ...
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{{name}} - APIA Auckland Property Investors

Suze Ferry: Common reasons why rental insurance claims get rejected

Rental properties need a different insurance policy compared to owner-occupied homes. There are additional risks you’ll want covered and there are certain requirements your insurer will want you to meet too. Contrary to popular belief, insurers don’t want to decline claims! The policy wording/schedule is a contract, between you and your insurer; the contract defines what is and isn’...
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{{name}} - APIA Auckland Property Investors

Suzanne Colson: Short-term tenants and insurance

If you plan on renting out a room or your house to short-term tenants, there are some things you need to consider. One of the most important is how it will affect your insurance cover. Non-Disclosure Failing to tell your insurance company about the change in occupancy could result in non-disclosure; which in turn could result in non-payment of a claim. Make sure you let your insurer k...
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{{name}} - APIA Auckland Property Investors

Bogeymania: the great insurance misdirection

All the hype surrounding P contamination in rental property is leading many to assume that meth is the undisputed bogeyman for all landlords. The thing about the bogeyman is that it is a figment of our overactive imagination, irrationally based, and conveniently served up to distract us from what matters. Yes, meth contamination is frighteningly possible at rental properties. But j...
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{{name}} - APIA Auckland Property Investors

Holler Practice Note from an insurance perspective

Less than one month in, the Holler Practice Note is already causing ripples in the property industry. Anecdotally we are aware of several Tribunal adjudications absolving tenants of any responsibilities as to damages to the property. Since Holler goes into the heart of the insurer's right of subrogation, many landlords will be asking What does that mean to my insurance coverag...
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