Insurance
Insurance is important for both landlords and tenants.
Landlords should insure their rental property against any damage, whether it’s accidental or not. Tenants should also have insurance for their belongings, and to protect them from liability.
Speak to insurers for more details about their policies.
Landlords need insurance to cover damage
If you’re a landlord, make sure your property is insured and that the cover is for a rental. Landlords are responsible for paying the premiums.
Policies can also cover things like vacancy periods or tenant damage. Check your policy to see what it covers.
Talk to your insurance company about their rules for making claims. Some insurers need the landlord to prove that thorough tenant checks have been done.
You may also choose to insure any furniture or other items that are in the agreement. Any damage to them won’t be covered by the tenant’s contents insurance.
Landlords must provide insurance information in any new tenancy agreement, including:
- whether or not the property is insured
- the excess amount
- the relevant risks insured against
- what acts or omissions of the tenant (or a person whose actions the tenant is responsible) would make insurance money irrecoverable.
You also have to tell tenants as soon as possible if this information changes.
Tenants should get insurance to cover belongings
If you’re a tenant, we recommend that you get insurance. Your landlord’s property insurance doesn’t cover your belongings.
You may be liable for damages caused by you or your guests
Even if you aren't on the agreement you should consider getting:
- contents insurance to cover your belongings
- personal liability insurance to protect you in certain situations.
Speak to an insurer for more about personal liability cover in a rental home.
Earthquake damage
If you’re looking at renting a quake damaged home, you need to think about a few things before making your decision. For example, if an insurer thinks it will cost too much to repair the house then it won’t be insured. This could affect your contents insurance.
