If you are a landlord you have no doubt invested a considerable amount of money in purchasing your investment property, possibly carrying out certain improvements and marketing it. Having found a tenant, you can start to reap the financial rewards of your new business venture and, if you have one, start to repay the buy to let mortgage.
There are so many things that you will have had to sort out. One of those may have been insurance on the property. Whilst you are under no legal obligation to arrange landlord insurance if you bought the property without recourse to borrowing money, if you arranged a mortgage, the lender may have made it a condition of the finance that you insure the property. In any event, surely it would be sensible to arrange such cover to protect your investment?
However, you may not have been aware but one of the risks that is often covered as standard within landlord insurance is against one of your tenants attempting to sue you due to injuring themselves whilst on the premises. This is covered by public liability insurance.
Potentially, this is an extremely valuable form of cover. Accidents to people do happen. Can you imagine if one of your tenants tripped over on a loose hall carpet and hit their head on a table in the hall and suffered brain damage meaning that they could never work again and were confined to a wheelchair/bed for the rest of their lives requiring constant nursing care. The cost of providing such care and the impact on loosing their earned income could run into a seven-figure sum over the years.
Public liability insurance is designed to cover the legal costs of the claimant and yourself and the damages that the claimant has been awarded (subject to a maximum level of cover). If you had not arranged landlord insurance that included public liability cover, where would you have found the money from to meet such a claim? Even if you were to sell the investment property, the net sale proceeds may not have been anywhere near sufficient to cover the costs relating to the sort of claim we have described above.
So, why not get in touch with us to obtain a no obligation quote for landlord insurance that also includes public liability cover.