Renting a property to tenants can be a great investment, but it also comes with a degree of responsibility. As owner of the property, you have a duty to ensure the well-being of your tenants and anyone else that visits the property.
If they are injured or their property is damaged and the cause can be attributed to you, then you may find yourself being taken to court. It is therefore essential that landlords take out landlord liability insurance, covering costly legal expenses and any claims that are awarded by the court.
”But when would I need landlord liability insurance?”
Examples of claims where you would need landlord liability insurance are:
- A tenant slipping and injuring themselves due to a leaky sink unit dripping water onto the floor
- A tenant suffering an electric shock from a badly fitted plug socket or faulty appliance at the property
- A postman tripping on a broken step whilst at your property
- A tile falling off a roof and hitting a passer-by on the head or somone’s car
- A visitor tripping on an uneven step
It is possible to purchase this kind of insurance on its own, but more often than not it is sold as part of a landlords property insurance policy, which also covers the buildings and usually loss of rent.
Whether you rent a house to someone, or an office block or a shop to a business, it is important you protect yourself with landlords liability insurance.
Whatever property or land you own, whatever your circumstances, be sure to speak to a property insurance broker to ensure that any quotes you get are not just off-the-shelf but instead have been tailored to meet your needs for good price.