Landlord insurance and the importance of malicious damage cover
It is so important to take care when selecting your tenants, doing all the due diligence that you can.
It is so important to take care when selecting your tenants, doing all the due diligence that you can. But, no matter how meticulous you are - referencing tenants and communicating with them regularly, making sure the property is safe, warm and in good repair, and carrying out regular inspections while also giving your tenants privacy - some will become disgruntled, resentful and destructive.
While thankfully these tenants are in the minority, their actions against your property could cost you thousands to put right. And you can’t possibly predict a random act of vandalism by a third party.
That’s why you need a good landlord insurance policy that includes cover for malicious damage.
The highest claim ever paid out for malicious damage by Total Landlord was for £44,289. This was for damage caused by tenants creating a cannabis factory in the rental property.
Although the cannabis claim was an extreme case, the value of malicious damage claims is on the rise – it increased by 22% from £5,873 during the period 2015 to 2020, to £7,190 during the period 2019 to 2024.
It’s vital to take preventative measures to reduce your risks of malicious damage, as well as making sure you have comprehensive landlord insurance cover in place.
As the landlord, you are legally responsible for the repair and maintenance of your property. Even if malicious damage to your property has been caused by tenants, the responsibility for fixing it will always fall to you.
