If you own a flat or apartment within a block, and pay a management fee to the freeholder of the building, you will get a standard buildings insurance - This will not insure you as a Landlord.
Landlords Insurance is widely available for landlords insuring their properties to let for residential purposes, however if you own a flat within a block, your management fee will only cover the insurance for bricks and mortar - a standard policy.
Landlords need to make sure they cover their legal liabilities.
There are policies available to cover this situation - although they are not widely advertised.
Public Liability, Property Owner Liability, Landlords Liability, and Employers/Tradesman Liability are all things that Landlords need to consider as a separate issue if you own a flat.
As stated - the management fee paid to the freeholder of the building will only include Standard Buildings Insurance and will not cover a Landlords Legal Liabilities or Public Liabilities.
If there are carpets and white goods fitted in the flat - you may wish to cover these also, many domestic fires which are caused by faulty white goods, and this is where the Landlords Legal responsibilities, to that of both the tenant and the public is highlighted again.
A tenant has to have a policy to cover their own belongings, and the landlord has to have insurance to cover theirs, but it is essential that Legal responsibilities and Duty Of Care by the landlord are not over looked.
A tenant will probably invite guests into their home - the landlord is also liable for their safety when it comes to the furnishing provided by the landlord, and the property itself, you may use a plumber or electrician to carry out maintenance at the property, the landlord is once again liable for safety of these tradesmen while on site.
Landlords must insurance against: All perils - these are Fire, Storm, Flood, Subsidence, Heave, Landslip, Escape of Water/Oil etc...
these are fairly standard on most policies and will be on the standard policy provided by the management company.
Landlords Legal Liability Protection - £2m (as average) to cover the legal liabilities of the landlord towards the tenant and the public - this is what WILL NOT be included on the standard policy provided by the management company.
This is vital cover.
Accidental and Malicious Damage Caused by Tenants - this is optional, but is worth considering when a tenant is new, or a tenant who is known for not looking after the property to the best standards.
Landlords may want to consider this as a simple precaution.
Rent guarantee & Eviction of Squatters - This is also a wise consideration for new tenants, or as a simple precaution.
Landlords Insurance is widely available for landlords insuring their properties to let for residential purposes, however if you own a flat within a block, your management fee will only cover the insurance for bricks and mortar - a standard policy.
Landlords need to make sure they cover their legal liabilities.
There are policies available to cover this situation - although they are not widely advertised.
Public Liability, Property Owner Liability, Landlords Liability, and Employers/Tradesman Liability are all things that Landlords need to consider as a separate issue if you own a flat.
As stated - the management fee paid to the freeholder of the building will only include Standard Buildings Insurance and will not cover a Landlords Legal Liabilities or Public Liabilities.
If there are carpets and white goods fitted in the flat - you may wish to cover these also, many domestic fires which are caused by faulty white goods, and this is where the Landlords Legal responsibilities, to that of both the tenant and the public is highlighted again.
A tenant has to have a policy to cover their own belongings, and the landlord has to have insurance to cover theirs, but it is essential that Legal responsibilities and Duty Of Care by the landlord are not over looked.
A tenant will probably invite guests into their home - the landlord is also liable for their safety when it comes to the furnishing provided by the landlord, and the property itself, you may use a plumber or electrician to carry out maintenance at the property, the landlord is once again liable for safety of these tradesmen while on site.
Landlords must insurance against: All perils - these are Fire, Storm, Flood, Subsidence, Heave, Landslip, Escape of Water/Oil etc...
these are fairly standard on most policies and will be on the standard policy provided by the management company.
Landlords Legal Liability Protection - £2m (as average) to cover the legal liabilities of the landlord towards the tenant and the public - this is what WILL NOT be included on the standard policy provided by the management company.
This is vital cover.
Accidental and Malicious Damage Caused by Tenants - this is optional, but is worth considering when a tenant is new, or a tenant who is known for not looking after the property to the best standards.
Landlords may want to consider this as a simple precaution.
Rent guarantee & Eviction of Squatters - This is also a wise consideration for new tenants, or as a simple precaution.
Source...