Landlord Liability Insurance is something that every buy to let property owner should have. Insurance of this kind protects landlords from any claims that may come from their tenants or visitors to the property. It does so by providing the cost of any compensation or legal fees that may be incurred so the property owner does not have to worry. Depending on how much insurance has been taken out, it may only pay for part of the money owed, as it will only pay out up to the limit the landlord set for the policy. Landlord Liability Insurance is often a standard feature of most building insurance policies, but extra budget can usually be added onto these to give you extra cover if the property owner feels it is necessary.
The protection provided from having Liability Insurance is vast. The insurance can pay towards a wide array of claims including someone being injured on the property, damage to possessions at fault of the property and illness caused by property conditions. So whether somebody trips over some uneven flooring or gets ill from an unnoticed problem such as mould, the insurance policy will pay towards any fees from a claim. Fees that are commonly covered are compensation and legal fees from the investigation and outcome of the claim. For claims that involve injury or illness, the insurance will also cover any medical bills if necessary and any loss of earnings the claimant acquired due to their injury.
For a landlord to ensure that they are always prepared for a claim, and never left out of pocket it is wise to ensure that Liability Insurance is taken out. Accidents and damage can happen at any time, being prepared for such a situation reduces stress and time involved in sorting out a claim as an individual property owner. Ensuring that the claimant has the compensation they need and the landlord has everything dealt with for them. Leaving them to then get on with repairing any damage that may have caused the situation at hand, as any unkempt feature small or large a landlord can be held accountable for.
There is no set amount of insurance that any buy to let property owner should take out. The ideal amount depends on the property and just how covered the landlord wishes to be. A decent amount is always needed if the insurance is going to be relied upon to pay all fees in the case of a claim, as the maximum an insurance policy of this type will pay out is the maximum amount the policyholder sets. Large amounts of insurance are available as standard, with the option to increase the amount if it is required. Having this kind of insurance means that property owners are covered for anything at any time, as accidents happen when they are least expected.