As they say, a stitch in time saves nine!
Recently the news mentioned a few cases of tenants using illegal substances in the house.
In a few cases, the insurance claim was rejected because the landlord had not complied with the 3 monthly inspection Insurance requirement.
For your convenience, we remind you that effective 2017, there is also a new contamination extension required by all insurers – the insurance policy requires unit owners take the following steps:
- An internal and external inspection of the unit must be undertaken at least once every three months and before any new tenants move in.
- A written record of each inspection must be taken and kept. A failure to comply with these requirements may invalidate this extension and cause your insurer(s) to decline an insurance claim.
If you don’t do the above, the insurance company can reject your insurance claim.
Anyway, from a property management perspective, it’s good practice to inspect your property once every three months to identify any maintenance that needs to be done. Regular maintenance can save the hassle of a big maintenance expenditure later: As they say, a stitch in time saves nine!