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What You Might Not Know About Landlord Insurance

30 November 2023

Think you know all there is about landlord insurance? Here are some interesting facts that might just surprise you.

1. No Legal Obligation

In New Zealand, landlords are not legally obliged to have landlord insurance, but it's crucial to protect their investment. All homeowners are exposed to common risks such as fire damage, flood, and earthquake, but as a landlord, you face the added risk of having tenants occupy your property. Unlike family, tenants are not generally known to you, so it is wise to consider landlord insurance as a safety net. What is legally required is for landlords to include information about their landlord insurance (or absence of) on the tenancy agreements​ as part of insurance staement.

As a myRent customer, you can receive discounted house and landlord insurance with initio. Initio insurance consistently outperforms other house insurers on price, coverage and claims responsiveness. Get an instant quote here

2. Landlord Insurance is Different to House Insurance

Landlord insurance covers the house itself and the additional risk added by having a tenant in the property. It specifically accounts for the fact that the owner does not live in the property and includes coverage of landlord-related risks like tenant damage, loss of rent and meth contamination.

3. Requirement for Regular Property Inspections

Insurance companies may require regular property inspections to assess the property's condition and confirm that it is adequately maintained. In most cases, those inspections should be conducted quarterly.

4. Requirement for Careful Tenant Section

Insurance companies generally require landlords to exercise reasonable care when selecting tenants. This can be done by obtaining satisfactory identification, written or verbal references, performing credit checks or tenant checks and/or conducting Tenancy Tribunal searches for each adult tenant.

5. Not All Insurances are Created Equal

Landlord insurance policies can differ greatly, with some being more comprehensive than others. Typical risks covered by landlord insurance include intentional or accidental damage by tenants, loss of rent due to malicious damage, abandonment, and eviction. These coverages can vary in terms of limits and conditions. Many landlords either overpay for insurance they don't need or expose themselves to significant risks by under-insuring.

Landlords must carefully assess their specific needs and the risks associated with their rental properties and create a habit of "shopping around" to ensure their insurance is still the best one for them.

The information contained in this article is exclusively for promotional purposes. It does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not, and does not attempt to be, a comprehensive account of the relevant law in New Zealand. If you require legal advice you should seek independent legal counsel. does not accept any liability that may arise from the use of this information.

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