In New Zealand, the importance of Landlord Insurance

SP Insurance

There are more and more properties used for rental, and as the demand of rental increases, there are more uncertain risks.

As tenants maliciously destroy houses, damage to houses, and the number of incidents of meth contamination to houses, disputes between landlords and tenants continue, and more and more landlords hope to protect their rights by purchasing landlord insurance.

The landlord insurance provide protection to the property, goods and other related landlord’s personal responsibility of the landlord in the process of renting the house. The insurance company will make reasonable compensation for the loss of the tenant's malicious destruction of the house or theft, the tenant's refusal to pay the rent loss, the unaccountable loss of the house, and the loss caused by personal responsibility. The landlord insurance could help landlords prevent these risks.

  • Prevention of access: Where the tenant is lawfully entitled to vacate the home due to prevention of access to the home or failure of public utilities, will pay up to a maximum of 8 weeks rent; or
  • Vacating without notice: Where the tenants vacate the home without giving the required notice, will pay up to a maximum of 8 weeks rent; or
  • Eviction of tenants: Where your tenants are lawfully evicted from the home as a result of non-payment of rent, we will pay up to a maximum of 12 weeks rent; or
  • Tenancy tribunal order: Where the Tenancy Tribunal makes an order for the tenants to leave the home and for the tenancy to end, will pay up to 12 weeks rent, provided you or your property manager enforce the order within 5 working days of the order being issued.

You can get compensation not only when the rental property is damaged, but also if the tenant causes damage to the house or loss of rent, you can also get compensation through landlord insurance, so that you can minimize your losses.

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