As a landlord or buy-to-let investor, you may think the list of rules, regulations and insurances you need is never ending. Get it right and you should be able to relax and enjoy a secure and steady return on your investment. Get it wrong and you could open yourself up to litigation and huge expense.
One of the most common queries from landlords is the need for Property Owners Liability cover, many landlords often don’t understand why they need it.
As a landlord, your priority may understandably be your buildings and contents, but you also need to consider your tenants’ safety as well. You have a duty of care and potential liability if they are injured in your property, which can be covered by Property Owners Liability Insurance. This should be included in your policy, if you’re not sure then check.
Property owners liability is similar to public liability for businesses. It should enable you to meet any costs and damages awarded to a member of the public, including your tenants, if they suffer an injury or accident at your property.
Accidents happen, it could be anything from a loose carpet causing a trip, or a loose tile falling and damaging tenants’ belongings. Property Owners Liability Insurance provides cover if the tenant decides to make a claim against you for any injury. It’s usually part of the standard cover in a specialist landlord insurance policy.
Property owners insurance typically covers you for damages awarded to the claimant, your legal costs in defending a claim, and their legal costs if you’re found to be at fault. This cover is also for legal costs and damages should a visitor to the building – tradesman, postman or even a leaseholder’s friend – be injured on the premises when the incident should have been prevented by the owners or managers of the building.

Do I need Tenants Contents Insurance?
Your Landlord may have taken buildings insurance to cover the buildings of the property that you rent, however they are not liable to insure your personal possessions in their property – unless the tenancy agreement explicitly says so.
Whether or not you consider if Tenants insurance is necessary is entirely up to you. No-one can insist you take out an insurance policy as part of a tenancy agreement. Knowing that your landlord likely isn’t responsible for your contents, it’s up to you to decide whether you want to insure your personal possessions by taking out a Tenants insurance policy.
Home contents insurance isn’t just for home owners. You’ll probably still have your own possessions, from clothing to records to furniture. No matter how careful you are, accidents do happen and you may find yourself out of pocket. By taking out tenant home contents insurance for tenants, you can ensure that if your belongings are stolen or damaged whilst you’re renting a property, you won’t have to worry about covering the costs. So, if there’s a fire in the house or flat you live in, the property’s flooded, or someone breaks in and steals your belongings you’re covered.

When do I need to take out Tenants Insurance?
If you’re about to rent a property, now is a good time to consider taking out Tenants Insurance, although you can take out tenants home insurance at any time whilst you’re renting a property. Having cover in place for when you move in can give peace of mind from a safety net to protect you if something goes wrong.

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