PAYOUT TO TENANT COSTS INSURER MILLIONS
There's a story below which should be of interest to landlords. Essentially, a tenant has fallen downstairs, sued the landlord, and his insurer has paid out a small fortune in compensation.
The important thing here is that the landlord WAS insured - things like this can happen in any property, and tenants WILL sue! Because this landlord had LANDLORDS buildings and contents insurance, he was covered, as these policies include an element of public liability insurance which picks up issues like this.
If the landlord had normal residential buildings insurance, he would NOT have been covered, and would be facing huge bills himself.
http://www.lettingagenttoday.co.uk/news_features/Fall-down-stairs-in-rental-flat-could-cost-insurers-millions
The key question here for all landlords is "does my buildings insurer know that my property is rented out?" If they don't know, you need to make them aware quickly, and change insurer if necessary. Email us : rugby@belvoirlettings.com or northampton@belvoirlettings.com if you need more information.
The important thing here is that the landlord WAS insured - things like this can happen in any property, and tenants WILL sue! Because this landlord had LANDLORDS buildings and contents insurance, he was covered, as these policies include an element of public liability insurance which picks up issues like this.
If the landlord had normal residential buildings insurance, he would NOT have been covered, and would be facing huge bills himself.
http://www.lettingagenttoday.co.uk/news_features/Fall-down-stairs-in-rental-flat-could-cost-insurers-millions
The key question here for all landlords is "does my buildings insurer know that my property is rented out?" If they don't know, you need to make them aware quickly, and change insurer if necessary. Email us : rugby@belvoirlettings.com or northampton@belvoirlettings.com if you need more information.
