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Why take out accidental and malicious damage cover?

Being a good landlord means you need to be covered for as much as possible, so that if something does go wrong, you will be protected against steep expenses to rectify the problem. Therefore, taking out accidental and malicious damage protection with Landlord Insurance, as well as other types of cover, will ensure you can continue to profit from your assets.

While it would be nice to believe no-one would cause damage to your property - whether intentionally or not - these occasions do happen. Indeed, sometimes the results can be so serious that it would cost a huge amount of money to get your flat or house back to its previous condition, so much that, if you didn't have insurance, it could jeopardise your ability to rent it out to tenants again. This could therefore impact on your earning potential from the property, emphasising how important it is to have adequate landlord insurance.

What is included in accidental and malicious damage policies?

Before you sign up to landlord insurance, it is important to read the terms and conditions carefully to find out what the policy actually covers. It is advisable to make sure it covers either or both accidental and malicious damage. Here are some of the things you can expect to see on a good-quality insurance plan.

•        Accidental damage cover - Landlords letting out their properties should expect that there will be some form of damage on their house or flat over time. Wear and tear is perfectly normal and, if you were living in the accommodation, you'd probably cause a similar amount of damage.

However, accidental damage cover protects against more serious unintended incidents, such as bad dents, drink spillages and broken fixtures. Which landlord insurance provider you choose to go with will determine how much you will be covered for; however, you can expect protection for damage to the building, contents, fixtures and fittings as standard.

•        Malicious damage cover - This form of cover is perhaps not seen as often on landlord insurance policies. However, it could be extremely worthwhile finding a product that includes it or adding it as extra cover. This is because, while your experience with most tenants will be positive, you never know who you are letting your property out to and there is a risk that they could cause serious harm to your asset.

For instance, they could trash your place on an angry spree; they could set fire to furniture in the property or smash up the interiors. If they do this and you aren't able to afford the repairs, you will find it difficult to get other tenants who will take up a substandard home.

If you find a policy that does include malicious damage cover, pay attention to how much you'd be protected for. Look for one with a high financial compensation, such as a product that covers you for £25,000 of malicious damage. This will ensure that you have a good chance of being able to redecorate the property to the original standard. The costs of redoing homes can be extremely steep, so make sure you pick a policy that will give you enough remuneration to repair the damage. Of course, if you originally decorated the home with expensive furniture and furnishings, you might need to look for a landlord insurance that covers you for more than this.


Landlord Insurance - let us help

At Landlord Insurance, we know how important it is to protect your assets, which is why we endeavour to make the process easier for you by offering good-quality products that will cover you for whatever you need.

We are part of Landlord Mortgages, which has won the Best Buy to Let Mortgage broker of the year award five times, demonstrating that we have good relationships with landlords and offer them the financial products they want.

If you're interested in finding out more about insurance products for landlords, you can read our news page. Or you can speak to one of our helpful members of staff who can talk to you about the accidental and malicious damage cover we can find for you and whether we are able to offer you a discount if you have a number of properties in your portfolio.

So call us today on 0800 917 3324, or send us an email and we will get back to you as soon as possible.

 

 
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