No matter how safety-conscious you are or how secure you make your property, accidents are bound to happen. By definition, if you are liable for something (maybe an accident or injury has occurred as a result of damages in your property), you are legally obliged to compensate the person affected.
Landlord liability insurance could protect you financially if you need to cover the expenses of a tenant’s accident or your own legal support. Landlord liability insurance could protect you from a number of unfortunate circumstances arising in your property. Some examples of these include:
- If your tenant or a visitor was to become injured as a result of your property being unsecure.
- Protection if someone working at your house is injured or has an accident.
There are two main types of landlord liability insurance. These are public liability and employer’s liability insurance.
Public liability ensures that you are covered for the unfortunate event that anyone who visits your home, whether they are members of the public, customers, tenants and clients, becomes injured in your property. You should be covered for medical and legal expenses.
Employer’s liability covers your business if an employee is injured. Say for instance, you employ contractors to work on your house. This will cover you should they suffer injuries in your property. Again, this should take care of the legal and medical expenses.
If you are looking for landlord liability insurance, there are an array of landlord insurance quotes out there that could benefit you. Take your time and read each policy carefully to make sure you get all the cover you need.