Landlords Public Liability Insurance Quotes
When it comes to being a landlord there are many external factors to consider and insurance can cover you against most circumstances including various liability claims for 3rd parties.
If you are renting residential property for profit you run the constant risk of being held responsible for accidents and damage to the tenants and their property and being sued for damages. It is an essential component of landlord insurance to be sufficiently covered for such an eventuality.
You must also consider injury to persons not living in your property for example, if a tree in your garden falls and damages a neighbouring fence or a tile is blown off your roof and hits a passer-by.
If you are employing other people to help run or maintain your rental properties it is a legal requirement to have employer’s liability too.
Landlord liability insurance is not a legal requirement but it would be very risky to run a rental business without it.
The Home is a Dangerous Place
Although most of us associate high risk with such activities as high energy sports, travel or dangerous occupations, the fact s that more accidents happen in the home than anywhere else. According the RosPA (the Royal Society for the Prevention of Accidents) there were almost three million accidents in the home which required hospitalisation in 2007, and over four thousand deaths. If any of these misfortunes befall your tenants this could mean trouble for you.
Make your Properties safer
One of the most obvious ways to reduce the risk of being sued by your tenants for injury or damage is to make your properties as safe as possible. There is a whole range of things you can and should do to make your homes less riskier places to be. This will also have a beneficial effect on your general insurance premiums.
Secure windows:Falling from windows is a common cause of injury and you should make sure your windows are secure and in good order. For windows in a high-rise building or on the upper floors it is worth investing in restrictor catches. Furniture should not be placed too close to windows.
Electrical appliances: These should all be checked by a qualified electrician and no electrical appliances, or open sockets, should be in the bathroom. Water and electricity together can be a fatal combination. All sockets and plugs should be checked and it may be worthwhile fitting socket guards for floor level sockets, to prevent injury to children.
Heating: Carbon monoxide poisoning is often called the ‘silent killer’ as the gas has no colour or smell and is therefore very difficult to detect. Although rare, deaths from carbon monoxide poisoning do happen and, as a landlord, you should ensure that all your heating appliances are regularly checked, at least once a year.
Smoke detectors: Fire is one of the biggest dangers to your property and tenants so make sure working smoke alarms are fitted and tested regularly.
What Landlord liability insurance covers
Landlord Liability insurance provides cover to pay for any legal fees incurred during a claim and all the medical expenses and awards which maybe offered to the claimant by the courts, if they are successful in their claim against you. Because of the potential high costs involved in such a claim it is normal for liability insurance to cover sums from £2 to £5 million.
Where should I get Landlord Liability Insurance?
You can buy such cover separately but, in most cases, landlord liability insurance is part of the package in a general landlord insurance policy. All policies tend to deal with liability in different ways so you should check you policy carefully, as some insurers will, for example, only give liability cover for accidents caused by contents if the contents themselves are covered by them.
Many policies have only a very basic level of liability insurance, with a minimum level of public liability. It may be worth increasing this basic cover, which will only cover the most serious incidents of injury or death. Some good policies will include public liability insurance of up to £5 million as standard.
The threat to your business as a landlord is real and just one successful public liability claim could see the end of your career as a landlord. Devastating accidents can be a result of such trivial things as a water leak or faulty electrical outlet so it is essential that you check your existing liability cover and, if necessary, increase the level of cover.