Specialist Tenant Insurance Policies Save Costly Repair Bills

Thursday, July 17, 2014

Landlords Encouraged To Ensure Residents Have Tenant Insurance Policies In Place

There are a number of specialist insurance providers who provide numerous insurance policies for landlords to protect their rental property assets and property contents from accidental damage by tenants. However, until recently, there has been a definite lack of specialist insurance products specifically designed for tenants.

All private rented sector (PRS) tenants should invest in private insurance policies to protect their deposit against accidental damage claims to rental property.

Most UK PRS landlords already know that accidents can happen, and for tenants, paying for damage to someone else’s property can be expensive, but even if the damage is accidental, it is the tenants responsibility to pay for the repairs or the landlord is within their rights to deduct the costs from the tenant’s deposit.

Legal 4 Landlords tenant liability insurance covers accidental damage claims up to £2,500 (GBP), for just £60*- less than the cost of a good night out, and the policies provide tenants with a full 12 months insurance cover against accidental damage to the furniture, fittings and fixtures of a landlords rental property.

*Prices quoted include 6% IPT TaxTenant liability insurance provides peace of mind for all types of private rental sector tenants.

As with nearly all UK PRS tenancies, it is the tenant who is responsible for repairs, if they cause any damage to the property, (even if it is accidental), to the building itself and any furniture, fixtures and fittings provided with it.

If the tenant’s deposit does not cover the cost of the repairs then the tenants are expected to pay the difference and if there is a guarantor in place they could also be asked to pay for the repairs.

Accidents happen to even the most careful of tenants, and they could cause damage to rental properties unintentionally, which could cost them the full value of their deposit, or worse, much more in excess.

Legal 4 Landlords tenant liability insurance provides insurance cover for accidental damage claims up to £2,500 (GBP).

Find out more on Landlord Buildings insurance, Emergency Landlord Cover, Landlord Portfolio insurance, Tenant Liability and Tenant Contents insurance products 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.