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Accidental Damage – Are you covered?

What is Accidental Damage?

 

Accidental damage insurance is there to keep you covered against the cost of repairs or damage to the buildings and contents. Following an unexpected accident or crisis. You can have accidental damage as part of your flexible landlord insurance policy. This is sometimes included within your policy or can be an optional extra. It is important that you double check before buying whether it is included.

 

Accidents will happen but what does accidental damage cover in your landlords’ insurance?

 

The definition is uniform across insurance policies. If damage occurs as a result of an unexpected, non-deliberate or external action by a third party. This could mean that the damage is unintentional. A one-off incident that harms your property or contents. Such examples of this are dropping a mobile phone in a sink and breaking it or spilling a glass of red wine on a new beige carpet. It is important that you understand that all policies are different and may not include this cover.

 

Also some policies do a new for old whereby you will get a new replacement but some are on a like for like basis and you need to check.

 

Not every policy has accidental damage insurance. For instance, some will cover it but not cover the damage to unoccupied areas. It may not cover damage caused by pets or malicious damage, it won’t cover contents unless the contents cover is added. It is important you understand the difference between accidental damage and malicious damage. Please don’t hesitate to read our articles.

 

Is DIY damage included?

 

Accidental damage insurance protects you against DIY accidents. This also includes home mishaps such as spilling wine on a sofa etc. It all depends on the terms of your policy. So it is important that you do check this at length. Be aware that it may not cover some plumbing and electrical work that an amateur has completed under DIY such as drilling through a water pipe. Contractors have their own insurance to cover their work. Which is professional indemnity insurance.

 

Accidental damage accounts for half of all contents insurance claims. These relate to home or buildings insurance cover. Landlords must differentiate between the two and check you have the right type of cover. The insurance does not cover general wear and tear. In most cases will exclude damage by domestic animals or bad workmanship.

 

What does it cover?

 

Accidental damage is the cost of repairing or replacing property. Or contents damaged in a one-off incident. The cover could come under your landlords’ contents insurance. So it is important to check the level of cover. Not all insurers have it within their policy so it is important that you check. It is an optional extra with some insurance companies so it is best to check. It will not cover you for wear and tear of an item over a period of time. This, for instance, may be a carpet that has worn out over a period of time and become threadbare. Which would not be a one-off event. If the tenant has their own furniture or belongings within the property. It does not cover these either. It is important to familiarise yourself with the policy. To understand what’s included and what is not.

 

You can buy extra damage cover as part of flexible landlord insurance from iInsure365. Or many other key landlord covers. Make sure you read and understand any exclusions on your policy before you buy it. It is unlikely that a conventional home insurance policy would cover you for a buy to let property. So check the insurance is in place and decide what’s required.

 

How much does accidental damage insurance cost?

 

Talk to us and we will be able to give you a quote to include this within your policy. We will also be able to provide you with the extent of the cover and the sum insureds you might have. The size or value of your property must also be taken into consideration. For example a landlord with one domestic property. Would pay a very different price for cover for a landlord who wanted to cover a large portfolio. Both domestic and commercial. It is important that you discuss these with us so that we can help you.

 

What does the landlord insurance cover?

 

It is up to your tenant to insure their valuables with their own contents insurance policy. But some landlords insurance policies will cover contents up to a certain limit.

Landlord insurance policies also tend to include public liability insurance. This covers you against injury to your tenants or damage to their belongings. As a result of leaving the property.

There are various extra options when it comes to landlords cover so you should talk to us to discuss what we can do for you.

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