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Why you need landlord insurance
3 October 2014
Landlord insurance would have made life easier for the one in three buy to let owners who have had a rental property damaged by tenants during the past year.
Around 400,000 landlords had to spend time and money putting right damage that amounted to more than normal wear and tears, according to a survey by the National Landlords Association (NLA).
Only 120,000 made a claim against landlord insurance, while the rest funded the cost of repairs from their own pockets.
The research also revealed tenants are most likely to damage rented homes in the North East (46%), while landlords in the South East were less likely to clear up after tenants. Only a fifth reported damage to a rental property there.
As a result of the study, NLA chair Carolyn Uphill is urging landlords to check they have the right insurance cover in place to protect their investment.
“Damage is just one of the many different problems a landlord can experience when letting property,” she said.
“Many are unaware that a simple home insurance policy will not provide sufficient cover, so we’re urging all landlords to protect their investments and ensure they have the right insurance policy in place.”
Standard home insurance policies are not designed to cater for letting properties, and if a claim is made for damage caused by a tenant, the provider is likely to cancel the policy and refuse to settle the claim.
This also applies to taking lodgers into your home.
Landlord insurance also offers public liability cover to safeguard property owners against claims for death, sickness or injury to tenants or visitors to the property.
Add-ons can include protection for contents, rent arrears and legal costs for eviction.