A recent buzz around Landlord's Social Media as one Landlord expressed shock! they were not covered for malicious damage.
A short summary is a tenant set fire to a room. They put other tenants lives at risk and police arrested them as a result.
The landlord issues a claim for the damage caused, Landlord Building Insurance has them covered?
The landlord was told that she is only covered for up to £5,000 as this was Malicious Damage.
A discreet bit of small print in the insurance policy, means as the tenant did this maliciously and on purpose. The landlords building insurance is capped at £5,000.
The shock spreads around Landlords all checking insurance policies and finding similar clauses.
It is a common clause in most insurance contracts!
At Bespoke Finance we offer Five Star DEFACTO Insurance. Even these premium policies have a similar limitation clause.
This is because it is an OPTIONAL addon for your policy.
A case study on a 1 bed flat shows that WITH the addon it costs £240 (£22 per month), WITHOUT the addon it costs £192 (£17.68).
Landlords should always remember to check the Terms and Conditions of the insurance policy.
If your policy does not include malicious damage, call Bespoke Finance today on 08009202001.
If you are using another adviser, remember to ask your insurance broker to tick the box.
You have many options on how you wish to send us your details for your No Obligation Free Quote:
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Bespoke Finance is a trading style of Bespoke Finance Direct Limited.
Bespoke Finance Direct Limited is authorised and regulated by the Financial Conduct Authority (No. 715805) to transact regulated mortgages.
The FCA does not regulate some investment mortgage contracts.
Bespoke Finance Direct Limited is registered in England and Wales (No. 09623432) at 31 Church Lane, Pudsey, LS28 7LD.
© Copyright 2018. All rights reserved.