Please Note: This Article is 14 years old. This increases the likelihood that some or all of it's content is now outdated.

According to Leaders, one of the UK’s largest indpendent letting specialists, many tenants who do not have contents insurance believe that their landlord’s insurance policy will cover their contents; however this is rarely the case.

At the same time, many landlords make the mistake of thinking that they are covered by standard buildings insurance for letting their property to tenants. However, a standard home insurance policy will often exclude cover for any property from which income is earned; and any claims made on such a policy could be rejected by the insurer.

This means that many landlords and tenants are risking thousands of pounds of their personal possessions by not insuring themselves against accidents, bad weather or crime.

A recent survey estimated that almost a million private tenants have no home contents insurance, despite the fact that a third of private renters surveyed said that they estimate their possessions to be worth more than £10,000 in value, with some individual items worth over £1,500.

A fifth admit that it would take over two years to replace all of their possessions if they were stolen or damaged and a third think that they would never be able to afford to replace all of their personal belongings.

In the case of landlords who have a standard household policy, as well as not being covered for what they think they are, they may not be covered for accidental or malicious damage by tenants; loss of rent following an insured peril; landlord liability; or if their property is empty for more than 30 days.

To help landlords and tenants insure themselves appropriately to their needs, Leaders – in partnership with Hepburns Insurance – have designed specialist, competitively priced landlord and tenant insurance policies which provide peace of mind while letting or renting a property.

Says Leaders’ managing director, Paul Weller: “Insurance is something most of us would rather not have to pay out for, but having the right policy in place can save an enormous amount of stress and financial hardship if the worst happens.

“It is even worthwhile for the small mishaps, for example, accidentally causing a burn mark on a carpet – a very common occurrence – could cost a tenant £500 to replace the whole carpet, whereas our specialist tenant’s insurance policy costs from as little as £8.92 per month and covers damage to the landlord’s possessions as well as the tenant’s, thus saving them from having to deduct the cost of repair or replacement from their deposit.

“In the case of our landlord policy, we have drawn on our 25 years of letting experience to ensure that everything a landlord is likely to need cover for is included for absolute peace of mind.

Leaders urge all landlords and tenants to make sure that whatever insurance policy they have in place is appropriate to their situation, and not to assume they are covered without making absolutely certain.

Please Note: This Article is 14 years old. This increases the likelihood that some or all of it's content is now outdated.


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