You would have recently read about the Insurance declaration ...
We now have include within our Tenancy Agreement (TA). Yet another level of compliance which is not a bad thing but adds to the complexity of signing up a tenant. In summary, we need to provide the tenant with insurance excess information. This is to ensure the tenant is informed should they be required to pay any insurance excess. Since the overturning of the Osaka case, the tenant may now be liable for the minimum of the insurance excess or four weeks bond.
This further reinforces our decision 4 months ago to restructure our business to hire a full-time compliance manger. That person is employed to sign up all tenants and to ensure that our TA is legally compliant and all the correct information from insulation statement, smoke alarm statement, asbestos information and now insurance information is included. We have also engaged an external tenancy expert to keep our Tenancy documentation constantly up to date along with complying with the recently amended privacy law amendment. Certainly, a lot of paperwork and tick boxes and our compliance manager is in place to ensure the absolute protection of our property owners and tenants.
To comply with the insurance excess information we have contact our landlords to provide the information where we are not able to gather the information ourselves. Any amendments to insurance details and excesses need to be continually updated with the tenant.