Do you know what your insurance policy will cover you for? Do you know what the tenants can be held liable for? What does this mean for landlords?
For many years Landlords and Property Managers were able to hold tenants accountable for any damage they caused at the property, whether this was intentional, malicious, accidental or by neglect.
We would simply ask the tenants to rectify, take the cost from their bond, get their insurance company to pay, or if there was a dispute the tenancy tribunal would order that they had to rectify the damage caused by either themselves or any guests of theirs, if you had the evidence to prove the damage was caused during their tenancy.
And in most landlord and property managers opinions this was the way it should be!
2016 however, saw a highly publicised case in the media, where a tenancy tribunal case was overturned based on the tenants not being liable, as it was deemed accidental damage when the tenants left a pot of oil unattended which resulted in a fire! They maintained that the landlords insurance on the property would cover this, and not the tenants!
For more information on this case click here.
Please join us at our community Landlord Information evening on July 5th, and listen to an insurance professional about how to best protect your asset.
For more information and to register, click here.