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Landlord Insurance – Do I need malicious damage cover or not?

Malicious damage is not in all landlords insurance policies. You will find that some insurance policies will cover the damage by tenants. They may not cover the damage by a third party or vice versa. Our Aviva insurance policy will cover both damages by the tenant and by a third party.
 

What is malicious damage insurance?

 
Malicious damage insurance doesn’t usually exist as a cover on its own right. The definition for most insurers is damage caused by somebody on purpose. Some insurers will include damage made by tenants and some won’t. You will need to check the wording of your policy and what excess applies. It will pay for the cost of repairing intentional damages.
 
If the property is a flat you might find that the freeholder has the responsibility to deal with the landlord buildings insurance. If that is the case they will then be responsible for any damage that takes place at the property. It is important for landlords to realize that  damage does not cover the tenant’s possessions. It is always a good idea for tenants to take out their own insurance for their belongings.
 
Malicious damage for a commercial property includes damage by vandals or disgruntled customers. It is important to be able to show what and who caused the damage. As it will affect the policy depending on who caused the damage. Examples include smashed windows, doors or frames, arson and graffiti on the walls or furniture. This does not mean that it includes accidental damage. Accidents can happen.
 
Accidental damage is unintentional. It usually occurs suddenly and includes physical damage and/or loss of function. Examples could be a ball kicked through a window or even someone falling through the ceiling in the attic. It is every landlord’s nightmare that the rented personal property is damaged & deliberately trashed. The repairs or replacement of the broken items such as furniture and fittings could run into the hundreds or thousands.
 

Summary

 
We would suggest that this is an absolute must for a landlord to have. Not only is malicious damage important but also landlords contents insurance. There have been occasions where tenants have left the property trashed and had rental arrears. Request a call from us to discuss rent guarantee insurance further. It is always an emotional time when tenants trash a property but it does happen. Landlords need to have the right cover to not lose out. There are always additional extras so if you would like to discuss your cover with us request a call back.
Mark Harrington
Managing Director
iInsure365
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