Specialist rental property insurer, Initio has increased the property inspections period for NZ Property Investor Federation (NZPIF) members.
According to NZPIF, the move follows recent debates on the issue of insurers moving to three monthly meth inspections on rental properties. The proposal was viewed as too frequent and intrusive for tenants, it said.
Now, Initio has increased the inspections period from three months to four for NZPIF members, a move welcomed by the organisation. Members who will benefit from fewer inspections include those in the new $25 per year Associate Member category. NZPIF noted the move reflects Initio’s data, which shows members’ rental properties suffer less tenant related damage losses compared to non-member properties.
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“This is great news for our members,” NZPIF executive officer Andrew King said. “In addition to getting a special price on an already well priced and specialist rental property insurance product, our members and their tenants will now get the additional benefit of fewer inspections.
“It is gratifying to have it acknowledged that the education and support we provide to members is leading to them being better rental property providers for both tenants and suppliers,” he added.
