What is this?
This insurance statement is for landlords, property managers and boarding house managers who can attach it to their own tenancy agreement.
Insurance and property damage
- From 27 August 2019, the law requires landlords to disclose:
- Whether or not the property is insured in a statement as part of any new tenancy agreement, and if so, the excess amount of any relevant policies;
- Other information about insurance that is relevant to the tenant's liability for damage to premises. If the rental property is part of a body corporate, landlords will need to include relevant insurance information for both damage to the rental property itself, and the shared facilities.
- Landlords must also include a statement informing the tenant that a copy of their insurance policy is available on request. This ensures that the tenant knows what actions or omissions could invalidate the insurance policy, as well as what it covers and the premium payable.
The disclosure statement must be provided to the tenant upon request, and as soon as reasonably possible. Landlords are to provide updated information within a reasonable timeframe in case the insurance contract is later modified or varies, or (where they are not the insurance holder) within a reasonable period after they come to know of the modification or variation.
Tenant liability
If tenants or their guests damage a rental property as a result of careless behaviour, the tenant is liable to pay EITHER costs for damages or the insurance excess (if applicable), whichever is lower.
Tenants on income-related rents are liable for the cost of the damage up to four weeks' market rent or the insurance excess (if applicable), whichever is lower.
Tenants will be liable for the full cost of damage where it was done intentionally by their guests or themselves, or is the result of their guests or themselves committing an act or omission that constitutes an imprisonable offence.
Insurance statement
Address of tenancy
There is insurance covering this rental property that is relevant to tenant's liability for damage to premises, including damage to body corporate facilities.
Yes
No
The table below specifies the excess amounts of all relevant insurance policies for this property.
Name/type of policy | Insurer | Excess amount |
1. | ㅤ | $ |
2. | ㅤ | $ |
3. | ㅤ | $ |
4. | ㅤ | $ |
NB: The tenant may rightfully request to access a copy of the insurance policy at any time. The landlord must then provide the policy within a reasonable time.
Making the policy accessible is necessary for ensuring the tenant knows:
- The acts or omissions that might invalidate the insurance policy; and
- What is, and is not, covered by insurance as well as the excess amount(s) payable.
The landlord is responsible for ensuring the insurance policy details above are accurate. If any changes render the above incorrect or outdated, the landlord must inform the tenant as soon as reasonably practical.
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