Why do landlords and Tenants need rental property insurance in the UK ? — FACT FILE

Most standard household insurance policies will not protect let property. Shifts in legislation require Landlords to be more aware of the risks, particularly with regard to public liability and appliance safety.

For a Tenant who has just paid the first months rent plus a deposit and administration fees in order to move into the property, insurance is the last thing on their mind. Recent studies have shown that less only 1 -20 tenants have any contents cover at all.

The following are the main risks covered with Landlords policies:

Fire, lightning, explosion

Riot, civil commotion

Collision

Storm, flood, Escape of water

Malicious damage

Subsidence

Theft

Falling radio TV aerials etc

Falling trees

Accidental damage to mirrors and glass

Loss of metered water

Loss of rent following an insured event

Damage for which a tenant is legally liable

Public liability insurance

Fact: The majority of Uk landlords are exposed to unnecessary risk... ARE YOU?

Fact: Landlords need to manage risks and costs and if cost management is your priority.....WHAT ARE YOU DOING ABOUT IT?

Fact: 62% of claims occur when a property is unoccupied.... IS YOUR PROPERTY INSURED?

Fact: The average time it takes to deal with an emergency without Landlords Emergency Assistance cover is 48hrs.... ARE YOU COVERED?

Fact: 85% of private UK Landlords have mortgages supporting their investment. The interest still has to be paid, even when the rent isn't.....ARE YOU COVERED?

Fact: Evicting tenants is a very difficult, emotional and expensive processs....DO YOU HAVE LANDLORDS LEGAL EXPENSES INSURANCE

As you will want some further information and quotes follow this link Click here to go to LANDLORDS INSURANCE

Tenants Contents Insurance

Although a conventional home contents policy will give a basic degree of cover for most insured perils it is not specifically designed for Tenants and there can be some major gaps in the cover you need. Often the minimum sum you can insure for will be far in excess of what the Tenant needs, typically a minimum of £10,000 — £12,000.

Most specialist tenant policies will provide the tenant with cover starting from £2,500 upwards and will usually cover accidental damage that you may cause to the landlords fixture, fittings, buildings and contents. Should the Tenant accidentally damage the carpet with a wine stain or hot iron or a work surface with a hot pan mark, these events will be covered. Usually the tenancy agreement will make the Tenant legally liable for such damage, any damage found at the time of the check-out will be deducted from the deposit or security bond.

If the Tenant has adequate insurance these events will be covered, thereby protecting your deposit.

If a Tenant has a loss through, burglary, fire, flood or other insured peril, which has damaged their contents and have no insurance for their personal possessions they are then left with the cost of replacing the items themselves.

Any items of personal property (clothes, furniture, computers etc) a tenant takes into the property it is their responsibility to insure. Most policies will give an option for basic cover which can usually be extended to cover high risk personal items which are taken outside the home, on holiday or Worldwide i.e. Cameras, sports equipment, clothes, jewellery etc.

In certain high-risk inner city post codes there will usually be a requirement to have minimum-security locks on doors and accessible windows. Do also take into account the conditions of insurance policies, regarding keeping windows and doors secured when the Tenant is not in the property.

As you will want some further information and quotes follow this link Click here to go to TENANTS CONTENTS INSURANCE

N.B. This information should not be relied on for accuracy and is presented here without the responsibility of jml Property Service and the website it is being displayed