Landlords urged to check their insurance small print
With the average malicious damage claim amounting to a costly £2,529*, Cover4LetProperty, the landlord insurance specialists, are urging landlords to check their insurance policies to ensure they have relevant cover.
Malicious damage can be defined as the deliberate and intentional harming of property and is a criminal act.
Richard Burgess, Director at Cover4LetProperty, commented: “Malicious damage cover is something that not all insurance policies cover as standard. For landlords without this element of protection, repairing and / or replacing damaged items can work out expensive”.
Mr. Burgess adds that 70% of all claims for malicious damage received last year* were due to damage caused by a tenant.
Examples include setting fire to furnishings; turning a property into a cannabis farm (which typically involves ripping up floorboards and knocking through walls); vandalism etc.
Mr. Burgess continues: “Because claims for malicious damage can typically turn in to several thousands of pounds – and because, sadly, this type of mindless act is so common, some landlord insurers will not offer this element of cover. Those that do may charge a premium for it.
“At Cover4LetProperty, malicious damage forms a standard part of all of our landlord insurance policies, so our policyholders can sleep a little easier at night knowing they are covered.”
Ends
*Cover4LetProperty claims data 2013
Contact:
Richard Burgess, MCIM, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: richardb@alanblunden.co.uk
About Cover4LetProperty:
With roots going back to 1946, our clients can benefit from 68 years’ of experience in the landlord insurance marketplace. We are award-winning independent intermediaries and act on behalf of our clients in arranging their buy to let and unoccupied property insurances. Our service includes advising clients on their insurance needs, arranging insurance cover with insurers to meet those requirements and help with any ongoing changes that have to be made to their landlords insurance policies.
In 2011 we were proud to beat off some stiff competition for the award for Best Landlord Insurer in the prestigious The Money Awards.
Tags: