Rented property what insurance??

madlyn

The estate agent has quoted around £11 a month for liability insurance and around £16 a month for contents insurance, I had a quick look Yesterday and found the 2 combined for £8 a month.

Hasbeen

Late into the discussion sorry!  So missed all posts.

But my views are the Landlord insures the building, and liability ins. The tenant insures only the contents.

So if the property burned to the ground the Landlord gets reimbursement from his buildings ins policy to cover cost of rebuild?

The Tenant insures the contents, so if the building burns to the ground what have they lost?

Anything they own / have bought: Tech, furniture, clothes, appliances etc etc. If they have £50,000 worth of goods in the property.

Insure for that. What have they spent and lost.

If they have goods equivalent to a few pounds then they decide? Carpets are usually included in home contents insurance, so when you spill the whole bottle of wine its your cost if not insured.

Go round the property and look at every item and decide what would that cost to replace from the tea spoons to the large TV.

Sandtree

But almost all tenancy agreements require the tenant to hold landlords liability insurance so if that leaving party gets out of hand and the landlords carpet, chair etc gets covered in red wine that wont come out that in addition to the deposit being held the landlord knows there is the financial backing of insurance if the deposit is insufficient. 

Landlords dont want to push up their own premiums by making a claim which is the result of the tenants negligence. 

As already said though, tenants liability is a standard section in most home contents policies, DL+ for example has a £10k inner limit.

Hasbeen

Sandtree said:

But almost all tenancy agreements require the tenant to hold landlords liability insurance so if that leaving party gets out of hand and the landlords carpet, chair etc gets covered in red wine that wont come out that in addition to the deposit being held the landlord knows there is the financial backing of insurance if the deposit is insufficient. 

Landlords dont want to push up their own premiums by making a claim which is the result of the tenants negligence. 

As already said though, tenants liability is a standard section in most home contents policies, DL+ for example has a £10k inner limit.

Sorry. Never ever seen a tenancy agreement that states they have to have Landlords Liability insurance?

So if tile falls of roof or someone is injured by broken steps its the Tenants fault?

It is inbuilt into Landlords insurance, liability usually min 1 Million up to 2 Million? Etc

All home insurance policies I have seen is carpets are covered by contents?

But things, insurance may have changed over the years, so happy for correction.  Thank you

Sandtree

Hasbeen said:

But things, insurance may have changed over the years, so happy for correction.  Thank you

Its been that way for the 25+ years I've worked in insurance.

You are mixing up public liability and the tenants liability to the landlord.

Example 1. Tile falls off the roof and someone is injured by it then that person would attempt to claim off the landlords building insurance public liability section. This section covers liability to third parties for acts of negligence as the building owner.

Example 2. Gas inspector falls over a trailing cable the tenant had left going across the room then that person would attempt to claim off the tenants contents insurance public liability section. This section covers liability to third parties for acts of negligence as the building occupier      

Example 3 Tenant is trying to change a lightbulb in the bathroom and falls off the chair onto the sink and cracks the sink then the tenants contents insurance tenant liability section would respond. This section covers liability to the Landlord for acts of negligence by the tenant.

Hasbeen

Thank you clear explanation?

I assumed now wrongly Landlords did the public liability with buildings ins and tenant only did contents ins. Did not know Tenants liability was was built in as well.

Sandtree

Hasbeen said:

 Did not know Tenants liability was was built in as well.

Its normally a fairly modest limit of £5-10k so you'll be a bit short if you accidently left a tap running and then went on a holiday and came back to a flooded home but it is sufficient in most cases.

Landlords insurance often has a mirror section which covers deliberate damage caused by the tenant (insurance doesnt normally cover deliberate damage caused by those with permission to be in the property etc) again with a similar low limit. Unfortunately just last year saw 4 cases where the tenant had turned the home into a greenhouse cutting holes in walls/floors for ducting etc which equally went way over the top of the policy limits.