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Tenant Insurance Information in LeedsInsurance for Let Properties in Leeds This is an area that is often overlooked when landlords (or tenants) decide to let or rent a property. The risks associated with let properties in Leeds are significantly different to owner occupied properties in Leeds therefore you are well advised to use an insurer who specialises in this type of property insurance. An existing, standard, buildings or contents insurance policy on a property owner occupied may not cover the property or contents when it is let, may restrict the cover and or increase the premium. Tenants and landlords in Leeds very often overlook this. Generally for the tenant who has paid the first months rent + a deposit + administration fees in order to move into the property, insurance is the last thing on their mind. Although a conventional home contents policy will give a basic degree of cover for most insured perils it is not specifically designed for tenants and there can be some major gaps in the cover you need. Often the minimum sum you can insure for will be far in excess of what the tenant needs, typically a minimum of £10,000 – £12,000. Most specialist tenant policies will provide the tenant with cover starting from £2,500 upwards and will usually cover accidental damage that you may cause to the landlords fixture, fittings, buildings and contents. Should the tenant in Leeds accidentally damage the carpet with a wine stain or hot iron or a work surface with a hot pan mark, these events will be covered. Usually the tenancy agreement will make the tenant legally liable for such damage, any damage found at the time of the check-out will be deducted from the deposit or security bond. If the tenant has adequate insurance these events will be covered, thereby protecting your deposit. Recent studies have shown that less only 1 –20 tenants have any contents cover at all. There are countless examples of tenants who have experienced a loss through, burglary, fire, flood or other insured peril, which has damaged their contents and have been horrified to discover the landlord has not insured their personal possessions. They have been left with the cost of replacing the items themselves. Any items a tenant takes into the property in Leeds it is their responsibility to insure. Most policies will give an option for basic cover which can usually be extended to cover high risk personal items which are taken outside the home, on holiday or Worldwide i.e. Cameras, sports equipment, clothes, jewellery etc. In certain high-risk inner city post codes there will usually be a requirement to have minimum-security locks on doors and accessible windows Please note: The comments in this section are intended for general guidance only and you should satisfy yourself or seek specialist advice from companies in Leeds about the appropriateness of any insurance policy before cancelling or purchasing any such product. |
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