One of the main things that people ask about when they are getting a Landlords Insurance quotation is whether or not it includes Property Owners Liability Insurance and if so, how much is the limit on it. There may also be some of you out there that are unfamiliar with what exactly this is but in this article I will try to explain anything that you may want to know about it and explain what it can be used for, after all it is something that is standard and included in nearly all Landlords Insurance Policies.
Generally the limit set on claims of this type is £2,000,000 however with most insurers there is an option to increase this cover amount to £5,000,000. The normal limit is generally enough for most people though as it is very unlikely that you would have a claim that would cost over 2 million pounds but the option to increase is usually there and if that is something that you would be interested in then all you have to do is ask your insurance company if that is something they can provide.
The circumstances that you can claim under this policy are varied and almost anything that you can be held liable for as the property owner is something that you can use this insurance for. However as with any liability claim the person that was looking for compensation would have to prove that you were liable and that it was because of you that they were injured and therefore that you should pay them compensation or their injuries.
For example if the postman or the milkman was walking up the driveway and they were to trip over because of a stone that wasn’t laid properly and injure themselves then they would be looking for compensation for their injuries and as the stone wasn’t laid properly they could hold you responsible as the property owner. If something like this was to happen then they could be forced out of work for a while if they were to break their leg or something like that then they would be after compensation for their loss of earnings etc and that is what the Property Owners Liability part of the policy could be used for.
So if this is something that is of interest to you then you should speak to your insurance providers and check that your Landlord Insurance Policy does in fact have this covered, and should you need to whether or not you can increase the amount that you are insured of in respect to claims of this type.