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Insuring a let property?
I rent out a couple of flats and they are obviously insured. I realise that a property not in a good enough state of repair would not be covered but one flat is about 150 years old.
What concerns me is a situation where, for example, a piece of ceiling falls onto the person below and injures them. Surely the insurance company can simply say that it was wear and tear and would not pay up. I assume this could involve many thousands of pounds which I couldn't afford. I would be interested to now how the law stands on this.
Is there any way to insure against the very unlikely, but still possible, injury to people (not the property itself)?
3 Answers
- welcome newsLv 61 decade agoFavorite Answer
Your property insurance policy should have property owners liability (probably for £2,000,000) which would cover circumstances such as you mention.
Please note that this covers your liability i.e. if you were negligent. The person injured would claim against you and you would seek indemnity from the insurance company. If you are not negligent then no claim can be made and since the liability section specifically covers negligence the insurer can't avoid paying on the grounds that you were negligent!
Please also note that 'wear and tear' only applies to material damage claims - not liability
Source(s): Buy To Let (amongt other things) insurance broker. - Bostonian In MOLv 71 decade ago
Make sure that you have liability cover as part of your insurance policy or separately.
A ceiling doesn't fall as a matter of "ordinary wear and tear." Most policies WILL cover damages for "sudden collapse." Check your policy carefully to see what it does cover or have your solicitor review it. But bear in mind that cover for the physical structure does NOT include your liability to an injured person. That requires separate cover; make sure that you have that as well.
- ?Lv 71 decade ago
Look into an umbrella policy. The cost for one is relatively cheap. A million dollar liability for under 300.00 a year. An expense that is deductible and will give you peace of mind
