Landlords Insurance

ianpalmer2007

propertyrental said:

I think the OP is referring to buildings insurance provided by the freeholder/management company, and damage to the building, not contents, by leaks?

If so, the £2500 excess would be paid by the freeholder/Manco were there a claim, and the 48 flats would each contribute £52 via the end of year management charge.

That is correct - but currently we would pay the £500 individually. Just to clarify - I had a leak 10 years ago caused some staining to ceiling below the size of a 50p - which I paid a painter to repaint with specialist paint privately as the excess then was £150 but over the years the excess rose but this latest increase seems excessive - excuse the pun!


I was just pointing out that I'm not a serial offender 👍

ianpalmer2007

eddddy said:

ianpalmer2007 said:

I am assuming that contents cover will not cover me should I have a leak from my shower that damages the apartment below?

• You would only be liable for damage to the apartment below if you had been negligent.

• Or your tenant would be liable for damage  to the apartment below if they had been negligent.

• Check your landlord's contents insurance for 3rd party liability cover - that might cover you, if you've been negligent

• If you haven't been negligent, you're not liable for any damage to the apartment below

BUT... perhaps the bigger risk is if there is a leak into your apartment from the apartment above - and it damages your ceiling, walls, woodwork etc.

If you decide to make an insurance claim, you would then have to pay the £2500 excess (unless you can prove that somebody else was negligent).

I am the top flat so no one above. 

I am very relaxed that negligence won't occur - I get regular checks done and tenants are long term, nature and responsible.

We have an annual meeting next week to review the accounts with the managing agent at a local hotel which I will attend as usual. I will ask them about this point of "only if proved to be negligent"

You can never though know if you are going to have a pipe burst and I just like to have appropriate cover.

Thank you for your input and advice.

eddddy

ianpalmer2007 said:

It seems a heck of a lot to pay as an excess - up from £500. 

If you believe that the Freeholder/Managing Agents didn't do a reasonably thorough search for an insurer who would offer a £500 excess - that's a very different discussion.


But if there have been multiple 'escape of water' claims in a policy year, it seems very plausible that the annual insurance premium would 'sky rocket' and the excess would 'sky rocket'.

If there really is an insurer who would offer a £500 excess with your claims history, it's very likely that the insurance premium would be much higher than your current premium. So it's swings and roundabouts.