If you are currently renting out a property (or part of a property), you are a landlord. If you are new to property letting, you may not know about the benefits of taking out an insurance policy specifically for landlords – in particular, liability insurance.
Liability insurance for landlords – or, as it is more commonly known, public liability insurance – protects you financially if one of your tenants gets injured in your property, and it is determined by the legal system to be your fault. You may have to pay a variety of fines, as well as compensation to the victim. But if you have liability insurance, you can claim back these costs. This is why you should get liability insurance for landlords – it prevents you being left with hefty bills.
Although ideally you should opt for insurance cover that protects you against a wide range of potential incidents, it is possible to opt for a policy that only provides liability insurance. Many do this in order to lower costs; liability insurance is significantly cheaper than insurance that covers a variety of areas. If you are reluctant to spend money on liability insurance, consider this: by not purchasing it, you could face much higher charges if something goes wrong. Insurance helps you minimise risk when letting a property.
It is quick and easy to find liability insurance. It can be purchased both online and on the high street. It is worth contacting your current home insurance provider; they may offer liability insurance. As you are already their customer, they are likely to give you the insurance at a cheaper rate.
It is better to be safe than sorry when it comes to renting out a property. Liability insurance for landlords helps you do so safely.