Does anyone ever not get LL insurance?

Discussion in 'Property Management' started by Jen, 28th Sep, 2015.

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  1. wylie

    wylie Moderator Staff Member

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    I know our building insurance covers a big sum for public liability. This is worth following up with for anybody not having landlord insurance. I know when we just insured the building we had that liability cover, and the insurers knew it was a rented house and we chose not to have landlord insurance, so I am guessing we were covered. That is how I slept at night anyway.

    If that isn't the case, then I'm glad I never knew :eek:.

    What I do know is that with fantastic tenants and no risk of them trashing the place, I did try to insure just the usual building, public liability but wasn't able to. The landlord policy I have still cost less than some other insurers. I'm interested in total loss, and public liability.

    In the olden days, if we were at all worried about a tenant, we would take up the landlord policy. For long term great tenants, we never worried (and we often couldn't afford it anyway because it was a fair bit more, from memory).
     
    wylie, 29th Sep, 2015
    #21
  2. HUGH72

    HUGH72 Well-Known Member

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    Everyone's talking about property damage but a fraudulent personal injury claim is what they need to give more thought to IMO.
     
    HUGH72, 29th Sep, 2015
    #22
  3. wylie

    wylie Moderator Staff Member

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    Agree. And it would be interesting to know how this is handled by the insurance companies in the case of a rental that doesn't have landlord insurance. Why do I feel quite sure they would try to weasel out of it?
     
    wylie, 29th Sep, 2015
    #23
  4. Simon L

    Simon L Well-Known Member

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    I have received approx. 3 times more in claims over the total cost of landlord insurance premiums over the years. Even the best tenant can come into situations where they can't pay rent leaving you out of pocket. EBM is only $250 odd per annum which is really nothing in the scheme of things.
     
    Simon L, 29th Sep, 2015
    #24
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  5. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Sorry you're right, I was using the combined amounts. LL portion ranges is smaller. As I said, I'm not saying I'm right or wrong. Just that I don't have all my properties done.
     
    Westminster, 29th Sep, 2015
    #25
  6. D.T.

    D.T. Specialist Property Manager Business Member

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    I'm contacting all your tenants as we speak :p
     
    D.T., 29th Sep, 2015
    #26
  7. Jen

    Jen Member

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    I've been researching and home insurance does have 20 million liability. What has worried me though is that the insurers I've looked at (I tried 'compare the market') is that accidental damage isn't included unless it is an extra and then it doesn't cover accidental damage by your tenant. It is so confusing - what the large print giveth, the small print taketh away
     
    Jen, 30th Sep, 2015
    #27
  8. S1mon

    S1mon Well-Known Member

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    i changed two of mine with long term tenants to building + liability insurance only (the latter is 13$ a month i think)
     
    S1mon, 3rd Oct, 2015
    #28
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