Landlords – Insurance Matters by Heather Hilder on March 17, 2020 “Landlords, Insurance Matters”Are you one of the reportedly 1 in 8 Landlords without Landlord insurance?You, like most Landlords, will, of course, have regular buildings insurance, covering subsidence, storm damage, flooding etc. However, some policies do not take account of a property being let. In fact, some insurance can be invalid if you have not informed the insurer that the property has a Tenant, or if the insurance specifically excludes tenancies.Do you fall into the category of the average Landlord who spends over £3,000 a year on property maintenance, much of which could be categorised as damage, not maintenance? You could possibly have recouped this through Landlord insurance. Under specialist Landlord insurance, carpet stains and burns, wall and door damage, leak damage to walls/ceilings and extreme cleaning/refuse removal can usually be regarded as claimable.Recover costs of damageWhile not a legal expectation, any Landlord with a buy-to-let mortgage will be required to take out Landlord insurance either alongside, or as part of, their buildings insurance. Landlords should look carefully at whether internal damage counts as “buildings”, “contents” or “accidental damage”. The right insurance should be in place to cover every eventuality.But the cost of repairs might only be the start of much heftier costs. Landlords still have an obligation to provide alternative housing in the event of their property becoming uninhabitable. This may be as a result of a flood or storm and a possible associated loss of rent. There is also the issue of third-party liability in the event of a Tenant injury as a result of some property defect. These figures can quickly add up to £TENS of thousands, all of which should be covered by appropriate Landlord insurance.We’re in the business of helping our Landlord clients sleep at night. We do this through a passion for effective tenant sourcing, referencing and relationships. But should the unexpected happen – that’s when correct Landlord insurance takes over. We, as Lettings specialists, strongly recommend that Landlords don’t scrimp on this relatively minor cost.