The RTA Amendment Bill has now been passed into law and this is great news for landlords.
After August 27, tenants will be liable for lesser of four weeks rent or the landlord’s insurance excess for careless damage at the property.
For tenants to understand just how much they would need to pay in the event of damage, landlords now need to provide their insurance information, including the excess details.
If you fail to do this, you risk being liable for a $500 penalty per tenancy.
To make this process as seamless as possible, can you please fill out the email attachment with this information:
• Is the rental property insured?
• What type of policy is it?
• And what is the dollar value of the excesses?
If you have more than one excess, which is likely if you have both landlord insurance and house insurance, please list the different type of excesses.
Landlords also need to inform tenants that a copy of their insurance policy is available on request. Any confidential information will be removed.