Landlord Insurance Accidental Damage Cover

Usually, an extra that is available with landlord insurance and accidental damage cover could be a prudent investment.

Accidents are an inevitable part of life for most people, and while most of them can be shrugged off, some can end up being quite expensive.

As a landlord, accidental damage insurance will cover you from having to shoulder the full cost of damage caused by these unforeseen events. Many insurance companies will offer you accidental damage cover for a landlord insurance quote.

The definition of accidental damage being used here is – Damage resulting from an unexpected and non-deliberate external action – So things that are not included will generally be:

• Wear and tear
• Vandalism or malicious
• Damage resulting from knowingly reckless behaviour
• DIY or cleaning related accidents

DIY related accidents are an interesting case as some insurers will be willing to accept certain kinds of accidents, such as accidentally bursting a water pipe with a nail. In contrast, others will not accept any claims like this. If your tenants have a young family, it can be a sagacious move to ensure that an accidental damage cover is in place. The majority of accidental damage claims result from the actions of children and involve broken TVs and stereos and damage to furniture and carpets.

Damage caused by animals is another interesting point to bear in mind when looking at landlord insurance quotes. Accidental damage cover is not usually extended to the actions of domestic pets, such as chewing, tearing and scratching, but most will cover damage caused by vermin and other infestations.

When it comes to accidental damage, you may want to consider both landlord’s buildings and contents insurance depending on your circumstances.

Buildings cover

This type of policy will cover the buildings’ physical structure and permanent fixtures such as; ceiling lights, bathtubs, and showers. If an insured event was to destroy the property, it should also cover the cost of clearing the land and rebuilding it.

Contents cover

If you rent a property as fully or partially furnished, this level of cover should protect the items such as; sofas, carpets, and appliances from accidental damage when looking at policies that offer indemnity or ‘New for old’ choices.

With an indemnity policy, when the insurer calculates your payout for a claim, they will take into consideration any potential wear and tear that would have occurred since the time of purchase of each item, as well as other factors that would cause a depreciation, so you may be paid less than the amount you purchased an item for.

‘New for old’ old policies will do just as they say and replace each item you make a claim for with brand new versions. As a result, a new for old policy might be more expensive.