With just a typical malicious damage claim that could amount to a very expensive £2,529 Cover4LetProperty , specialist for landlords insurance, are encouraging landlords to thoroughly read and understand their landlords insurance policies to guarantee that they have a relevant cover.
Malicious damage is also defined as an intentional or deliberately harming of other people’s property and considered as a criminal offense.
Richard Burgess, Director at Cover4LetProperty, commented: “Malicious damage cover is something that not all insurance policies cover as standard. For landlords without this element of protection, repairing and / or replacing damaged items can work out expensive”.
Mr. Burgess adds that 70% of all claims for malicious damage received last year* were due to damage caused by a tenant.
Examples include setting fire to furnishings; turning a property into a cannabis farm (which typically involves ripping up floorboards and knocking through walls); vandalism etc.
Mr. Burgess continues: “Because claims for malicious damage can typically turn in to several thousands of pounds – and because, sadly, this type of mindless act is so common, some landlord insurers will not offer this element of cover. Those that do may charge a premium for it.
“At Cover4LetProperty, malicious damage forms a standard part of all of our landlord insurance policies, so our policyholders can sleep a little easier at night knowing they are covered.