What are my new insurance obligations as a landlord?

Recent changes to IAG’s house and contents policies in relation to meth contamination set new obligations for New Zealand landlords.
Some of these obligations include:

  • background and credit checking prospective tenants and keeping copies of the checks,
  • conducting quarterly inspections,
  • keeping photographs and written records of each inspection, and
  • monitoring rent on a weekly basis.

IAG says landlords who fail to comply with any of the obligations will not have meth contamination claims approved.
This could be costly for landlords who experience contamination as testing alone can cost up to 2,500 dollars.
The largest insurance provider for New Zealand, IAG says the changes come after noticeable increases in meth contamination claims.
“The use of meth and its manufacture is widespread, and a growing problem throughout New Zealand. 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.
While inspections and rent monitoring can be seen as standard among most landlords, background and credit checks are not.
Over the last few years, tenant vetting has gained more support as something that can avoid future issues with tenants. And with IAG’s new policies, it is now something that is required.
If you’re still unsure where to go for a credit check, read the article below for who might provide the most comprehensive service. To read the full list of IAG’s obligations, you can access this document.

Who offers the most comprehensive credit check in New Zealand?

Featured image from Unsplash

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