Landlords who self manage rental properties themselves need to carry out inspections once every three months.
As part of your insurance obligation, your policy will require unit owners to:
- Obtain satisfactory references (preferably written) for each new tenant before agreeing to rent it to them
- An internal and external inspection of the unit must be done at the start of the tenancy
- An internal and external inspection of the unit must be undertaken at least once every three months
- A written record of each inspection must be kept
- If you have a property manager, he or she will do all the above for you
If you don’t comply with these requirements, your insurer may decline your insurance claim.
In other insurance news, Tower Insurance’s premiums have put the squeeze on homeowners who live in disaster prone areas. Homeowners living in earthquake prone areas and flood prone areas have seen large increases in their insurance premiums, some seeing increase of over $1000.