Landlord Liability Insurance
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Landlord liability insurance
If you are just starting out in your buy to let business, or even a seasoned landlord for that matter, you may be intrigued by references to landlord liability?
What is this liability and how is insurance used to protect the landlord against its associated risks and perils?
To see how we may help to safeguard your interests with respect to landlord liability insurance, you might want to visit us here and take advantage of our quote and buy service.
What is landlord liability?
There is an established principle in English law that any property owner – including the owner of buy to let property – has an inherent duty of care towards members of the public and any other individual who come into any kind of contact with the property in question.
What that duty of care means is that the property owner has an obligation to take all reasonable precautions – either by taking some action or by avoiding others – to prevent members of the public and other individuals coming to physical harm or having their property or possessions damaged in some way.
If it happens that someone is injured or suffers some other kind of material loss, therefore, the owner of the property may be liable for negligence. If liability is accepted or proven, the injured party is entitled to compensation.
As explained on the website e-Law Resources, the principles relating to the property owner’s liability are effectively summed up in legal precedent as the need to “love your neighbour”.
Landlords are a special case
As the owner of buy to let property, a landlord is subject to precisely these obligations, which might be described generally as property owner’s liability, or more specifically landlord’s liability.
Landlords are a special case because the people most likely to come into regular, daily contact with the let property are of course the tenants. A landlord has a particular duty of care to ensure that tenants do not suffer a personal injury, contract a medical condition or otherwise experience any loss in any way connected with their tenancy.
The daily presence of tenants, their visitors and members of the public in or around your let property, therefore, is likely to throw your liabilities as a landlord into especially stark relief.
Landlord liability insurance
Property owners or landlord liability carries no small risk in terms of the amount of compensation that may be claimed in response to any alleged negligence. The award of damages – especially where personal injury is concerned – may be very substantial.
The potential scale of such claims – not to mention the financially devastating effect they may have on your business, including the loss of your buy to let investment – is reflected in the fact that landlord liability insurance usually begins at a minimum of £1 million of cover and may even extend to £2 million or more.
To ensure that you secure the level of cover most suitable for your particular buy to let business, therefore, you might want to approach a specialist provider such as ourselves and find out more about the services we are pleased to offer.