Landlords contents insurance

April 13, 2012

Landlords Insurance

Statistics* indicate that in England and Wales between December 2011 and January 2012 there were approximately 80,000+ burglaries.

Unless you have actually experienced a burglary yourself, it can be difficult to understand the frustration, anger and even despair that you can be left with as you survey the damage to your property and your missing and/or vandalised possessions.

No landlords contents insurance can possibly guarantee that you won’t suffer this appalling crime or that you won’t feel some of the above emotions.  What it may be able to do, of course, is try and help with some of the financial consequences.

This type of landlords insurance is relatively straightforward and may be familiar to most property owners.

If you are letting your property unfurnished, then you may question whether you need contents insurance at all.  In such situations though, it might be prudent to remind your tenants that they should be thinking about insurance covering their own furnishings and property on the site.

Don’t forget that although your landlords buildings insurance may cover fixtures and fittings, not everyone has the same definition of what is or is not a fixture or fitting.  You may wish to check that yours and those of your annual insurance provider are in-synch!

If you do have contents insurance because you are renting on a furnished basis, your policy may require you to take certain minimum security precautions and if so, these should be outlined clearly in the terms and conditions.

It might be useful to remember that your local police may have crime prevention officers who specialise in providing advice and guidance, as to how you may increase security precautions around your property.

Over the years, burglary statistics have remained stubbornly high.  There have been some initiatives, in parts of the country, that have led to significant improvements. Whether or not these can be sustained over the longer-term, however, remains a matter of debate between policing and social experts.

Of course, no landlord wishes to change their property into a fortress but a few extra precautions may reduce the risks of burglary considerably.

Note that, however good your security precautions are, if your tenants fail to use them then they may be no more than useless ornaments.  It might therefore be a good idea to incorporate within your tenancy agreement some sort of reminder or obligation to ensure that basic security precautions are taken when leaving your property unoccupied for even the shortest of periods.

*Source: http://www.ukcrimestats.com/National_Picture/

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