All Landlords should have adequate Insurance in place, a standard household policy will not cover a Landlord for the third party risks that they are exposed to. The Property Owners’ Liability Insurance protects landlords and property owners in respect of claims made against them in respect of their legal liability for personal injury or property damage suffered by third parties and arising from the policyholder’s ownership of the property.
Why Risk it?
Risks associated with letting or renting property can be substantial and are quite different from that experienced by owner occupiers.
Don’t overlook the importance of having the right insurance cover. Landlords sometimes rely on normal household cover, and tenants don’t bother with insurance at all – both are unnecessary risks.
We are able to provide you with the right information and to source dependable and value for money policies.
Landlord’s liability insurance
Landlords are responsible for the safety of the property that your tenants are living in. Should a tenant harm themselves due to something dangerous in your property they can claim against you for damages. For example, a tenant may trip on loose carpet and fall badly as a result. The Landlord Liability cover will pay for any damages that are awarded to the tenant as well as all legal costs.
Property insurance
The building itself is insured against most risks such as flood and fire for the cost or repair or rebuilding. Risks such as terrorism or subsidence can normally be purchased as optional extras from most insurers.
Landlords/Communal Contents insurance
For a Landlord’s insurance policy, when we talk about insuring contents we are not talking about the tenant’s contents (they should have their own contents cover).The contents that you can insure are items that you own in the property but which may become damaged such as carpets, sofas, tables, chairs and pictures if you are renting the property as furnished. Many insurers also insure communal contents which will cover contents such as those named above which are situated in communal areas in blocks of flats, or properties with multiple types of tenants.