Property Management

Eagerly awaited meth standard delayed

Meth contamination remains a hot topic but landlords will have to wait longer to find out what the official testing and remediation levels will be set at.

Thursday, March 30th 2017

Tales of meth contaminated rental properties continue to make headlines but there is a growing awareness that the extent of the problem may have been overstated.

For example, a recent Initio Insurance analysis of claim statistics, done for the Auckland Property Investors Association, revealed that meth contamination only makes up about 3% of overall claim numbers.

It also showed that meth contamination costs come in at around 6% of overall insurance claim costs.

However, the prospect of meth contamination remains a genuine concern for most landlords – not the least because of widespread confusion when it comes to testing and remediation.

And now it seems that landlords will have to wait longer for clarity in that area, with news that the much-anticipated new testing and remediation standard has been held up.

Standards NZ principal advisor Bruce Taylor confirmed that the new standard’s release has been delayed from the original date at the end of April.

This is because of the huge number of comments that the committee received on the draft standard released for public consultation, he said.

“We did expect a lot of comments because the issue is one of such interest and concern to many people, but the number received was much higher than anticipated.”

The committee is now working its way through the 1,200 plus comments received and it is difficult to say how long that might take, Taylor said.

“It’s likely that the new standard will not be released till May, or even June.”

Once the standard is published, supplementary handbooks providing practical information on the remediation of properties are likely to be produced to accompany it.

Meanwhile, insurance giant IAG recently released an e-book on meth contamination, which offers advice and tips for people unsure of what to do in different circumstances.

It is also introducing policy wording changes to ensure consistency and clarity on levels of cover for property owners.

Read more:

Insurer tackles meth contamination confusion 

Draft meth standard released 

Comments

No comments yet

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Interest rate expectations: It’s not over yet

Thursday, March 07th 2024

Interest rate expectations: It’s not over yet

Most Kiwis think interest rate increases have peaked.