Risk limitation: the importance of landlord’s liability insurance
The point of taking out of any professional insurance policy is to protect against risk, and this is especially the case for landlords of domestic or commercial properties.
As a landlord, you hold a great deal of responsibility for the tenants of your property. You need to ensure that the property is safe to live in and that it meets all health, safety and fire regulations.
There is a great deal you can do, and measures you can take, to live up to your responsibilities as a landlord, but there are some things that are out of your control. This is why it’s important take out landlord’s liability insurance, to protect against unforeseen risks and hazards.
This kind of insurance protects you against the financial ramifications of an accident or injury suffered by one of your tenants in the property you are responsible for. The injured person may sue you for compensation, so you need to have the right protection in place to keep you in business.
To cover all your other duties and responsibilities as a landlord, you can also find professional insurance packages that provide cover for the building and the contents that you own. Ordinary home insurance won’t be sufficient to protect these assets if you are a landlord, so you need to find a specialist product.
Posted by Philip Heath on January 20, 2011 in News, Property & Landlords Insurance |