Policy for tenants causing damage

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    Policy for tenants causing damage

    Hello

    We are due to exchange contracts on our first 'buy to let' and I have arranged buildings insurance (includes liability cover/loss of rent/legal costs etc) with Endsleigh Insurance.

    The policy does NOT cover for malicious damage caused by any tenant and I've read that this is normal.

    The info on this site seems to suggest getting the tenant to take out a small policy to cover their possessions and in case of accidental/malicious damage to landlord's property to avoid losing their deposit.

    Isn't it better for me to try to get cover as an 'add-on' (if possible) rather than trust the tenant to get cover?

    Thanks

    #2
    Hi Bambi.

    you could do a couple of different things,

    cancel cover with endsleigh and get a policy which does include malicious damage by tenants, more expensive usually which is why most landlords don't bother with it, but it is available, speak to landlord insurance direct, 0870 067 2227 their 'online' quote does not include it, but they do do it.

    other option is to make it a requirment of the ast that the tenant has insurance, and that this includes cover for landlords property. only problem with this is that you are relying on being able to get the tenant to make a claim, which might not always happen

    third option is to risk it, take a bigger deposit maybe?

    jonboy

    Comment


      #3
      Our Landlords Buildings insurance policy includes Malicious Damage & Theft by tenants up to £5,000 as standard. It also includes Accidental Damage as standard. We may not be the cheapest, but we provide comprehensive cover at a value for money premium.

      If you want a quote please log onto our website: www.leaseguard.co.uk

      Comment


        #4
        Hi leaseguard

        Are there any excesses on this policy for malicious damage?

        Comment


          #5
          Leaseguard

          Which insurance company is it?

          Comment


            #6
            All Policies Exclude This

            As a broker I can confirm that all let property cover excludes malicious damage by tenants. Be wary if someone tells you otherwise. the safe option to take legal expenses cover








            Originally posted by Bambi View Post
            Hello

            We are due to exchange contracts on our first 'buy to let' and I have arranged buildings insurance (includes liability cover/loss of rent/legal costs etc) with Endsleigh Insurance.

            The policy does NOT cover for malicious damage caused by any tenant and I've read that this is normal.

            The info on this site seems to suggest getting the tenant to take out a small policy to cover their possessions and in case of accidental/malicious damage to landlord's property to avoid losing their deposit.

            Isn't it better for me to try to get cover as an 'add-on' (if possible) rather than trust the tenant to get cover?

            Thanks
            Neil NEW direct dial 0208 8509697
            email

            Comment


              #7
              Malicious damage by tenants

              You say you are a broker but might I suggest that you do more market research before making this statement. There are compnaies who will include malicious damge by tenants, not always with additional premium.

              Comment


                #8
                Our standard excess is £100, and we use a panel of insurers, mainly Equity Insurance (the largest personal lines syndicate at Lloyds) and QBE who are in the top 5 UK Commercial Insurers.

                Our policy is specifically designed for Let Property and does include Malicious Damage & Theft by Tenants (up to £5,000) and full Accidental Damage.

                Insurance brokers haven't always sourced specialist let property policies, and therefore may not be aware such policies exist.

                www.leaseguard.co.uk

                Comment


                  #9
                  Help!

                  I've a property which has housing benefit claimants in but I've no references for them and am unlikely to be able to get any. My solicitor has just given them two months notice but I only found out my insurer won't cover without 3 references each.

                  Does anyone know an insurer who will cover me for the few months I hope it will take to get them out? The premium is not important - will anyone cover this as it might require customising the terms of such a policy, ie. removing this clause at a cost.

                  I can reveal more detail if required, but suffice it to say they are highly unlikely to provide references now they've been asked to leave.

                  It's the malicious damage clause I need but with no strings (or at least ones I have control over) attached. The tenants are all housung befit claimants, all on the periodic part of separate ASTs. I've been more than generous given they in effect took over the property I own against my will but though otherwise they have been reasonable I need to cover the period I'm now at greatest risk. It's been a long battle to get to this point a a slipup by the broker might just (God forbid) cost me all in the event of a loss.

                  Any help much appreciated.

                  Comment


                    #10
                    Originally posted by piglet3 View Post
                    I've a property which has housing benefit claimants in but I've no references for them and am unlikely to be able to get any. My solicitor has just given them two months notice but I only found out my insurer won't cover without 3 references each.

                    Does anyone know an insurer who will cover me for the few months I hope it will take to get them out? The premium is not important - will anyone cover this as it might require customising the terms of such a policy, ie. removing this clause at a cost.

                    I can reveal more detail if required, but suffice it to say they are highly unlikely to provide references now they've been asked to leave.

                    It's the malicious damage clause I need but with no strings (or at least ones I have control over) attached. The tenants are all housung befit claimants, all on the periodic part of separate ASTs. I've been more than generous given they in effect took over the property I own against my will but though otherwise they have been reasonable I need to cover the period I'm now at greatest risk. It's been a long battle to get to this point a a slipup by the broker might just (God forbid) cost me all in the event of a loss.

                    Any help much appreciated.
                    No chance, I can't see any insurer taking the risk on for you. Sorry.

                    Comment

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