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Landlords Hate Unexpected Rental Property Repairs


Thursday, December 11, 2014

Tenants can leave behind a trail of expensive rental property repairs

Rising Rental Property Repairs Can Hit
Landlord Finances Hard

As many UK private rental sector landlords are already aware, there is nothing worse than having to pay for unexpected rental property repairs, especially when any damage could have been prevented.

Tenants often think that it doesn’t matter if they cause damage to rental properties as the house doesn’t belong to them, often thinking that the worst case scenario would be to lose all or a small part of their deposit.

However, the reality for landlords is that they have to fund the rental property repairs out of their own pocket before the end of a tenancy, in order to keep the property in a good, sound and habitable condition.

This doesn’t have to be the case as there is an alternative – Tenant Liability Insurance.Accidents will always happen, even to the most careful of people and as landlords already know, paying for rental property damage can be expensive, but even if the damage to rented property is accidental, it is the tenants responsibility to pay for the rental property repairs or the landlord will be entitled to deduct the cost of the repairs from the deposit, although this can take time.

For only £60 for 12 months cover, Tenants liability insurance will pay out on  to rental property repairs even for accidental damage for claims of up to £2,500 (GBP).

Tenant’s liability insurance provides both the landlord and the tenant with peace of mind for all types of residential tenancies. Many tenants are unaware that they are liable for all rental property repairs caused by their neglect – failing to report an issue that requires immediate attention, tenant lifestyle – such as mould and damp caused by drying clothes indoors without adequate ventilation or accidental damage to the building itself and any fixtures, fittings and furniture provided with it, such as windows being broken, damage to kitchen cupboards etc.

If the value of the tenant’s deposit does not cover the cost of the repairs to the rental property, the tenant will still be expected to pay the landlord the difference. If the tenant then pleads poverty and there is a guarantor in place for the tenancy, then the guarantor will also become liable for the cost of the repairs, a situation that most decent tenants would prefer to avoid.

Many tenants will wish to continue renting in the UK’s private rented sector and value protecting the full amount of their hard saved deposits, so paying for an effective method of preservation would be money well spent.

Landlords can build in the cost of the insurance policy into their monthly rental prices, or ask the tenant to pay the upfront cost in full, in order to have some deposit protection in place, either way will provide some degree of peace of mind all round.

Find out more about Tenant’s Liability Insurance -  Click Here!

 


This was written by Mike Clarke. Posted on at 11:30 am. Filed under Insurance. Tagged , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.