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Landlords- Any need for surplus to 1 million liability cover
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billiepiper14
Posts: 72 Forumite
Hi
im just looking to renew landlord insurance. I’ve been quoted for 1 million liability cover & just wondering if I should take it out or request more. I’m a very responsible & cautious landlord who deals with rare issues promptly. What do other landlords set this cover at please ?
im just looking to renew landlord insurance. I’ve been quoted for 1 million liability cover & just wondering if I should take it out or request more. I’m a very responsible & cautious landlord who deals with rare issues promptly. What do other landlords set this cover at please ?
On a mission to be mortgage free asap
Sept 2023 65,000, June 2024 61,992
Sept 2023 65,000, June 2024 61,992
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Comments
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What risks do YOU think YOUR operation may be over £1million ? Boasting?
Best regards to all1 -
I don’t think liability insurance of £1m is anything like enough. Huge liability claims are very rare, but they can come to £10m in some cases of personal injury.No reliance should be placed on the above! Absolutely none, do you hear?1
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Yes, if somebody e.g. ends up needing 24/7 care for the rest of their life (or simply, say, a young person who now can't pursue a professional career) then a claim could be well more than £1m. Probably more likely in a motor accident than a domestic mishap caused by the landlord (and maybe nobody will bother suing you if you don't have the money/insurance anyway) but £1m seems light. What do the competitors offer?1
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I will just add that I just found a £41m claim, from July of this year. So, I don’t think that you can get enough cover for all conceivable circumstances. All you can do is cover nearly all cases, and £1m doesn’t seem enough.
Bear in mind that the most expensive injury claims take years to get to court, so you need to allow for claims inflation in the meantime.No reliance should be placed on the above! Absolutely none, do you hear?1 -
Not sure what this even means. I’m not boasting about anything. I take my responsibilities seriously hence the serious question. Thankyou all for the repliestheartfullodger said:What risks do YOU think YOUR operation may be over £1million ? Boasting?
Best regards to allOn a mission to be mortgage free asap
Sept 2023 65,000, June 2024 61,9920
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