Insuring for Malicious Damage by Tenants

This article will explain the ins and outs of protecting yourself against malicious damage caused by tenants in your property, as well as looking into some of the ways you can protect yourself against this type of event.

Protecting your rented property

The majority of tenants will be honest people who won't want to cause damage to your property. After all, you may own the property but they are the people that live there so most of the time you will find that tenants want to keep it as pleasant a place to be as possible.

However, once in a while you may have the misfortune of renting to a tenant who is not so honest or respectful of your property. It is important that you protect yourself against this risk as it could potentially be very costly.

Insurance for malicious damage or theft

Getting cover for malicious damage or theft can be tricky. Some insurers won't cover it at all and others may charge a high excess for this cover which may put some landlords off. However, covering against this may save you a great deal of money should something happen to your property. At Towergate, our landlord insurance can cover for malicious damage to give you greater peace of mind when renting out your property.

Reducing the risk of malicious tenants

Insuring yourself against the risk of malicious damage is a great way to give you peace of mind. There are also ways to reduce the risk in the first place

  • Have a tenancy agreement in place which documents your expectations and requirements as a landlord.

  • Take an inventory of your possessions and the status of the property itself, such as any pre-existing marks on walls or flooring.

  • Ask for a deposit. A higher deposit may incentivise tenants to treat your property well so that they get as much of it back as possible at the end of their tenancy.

  • Get your tenants referenced as this can sometimes highlight potential problems early so that you can either find different tenants or take action to ensure that the tenant doesn't cause problems.

Landlord insurance from Towergate

Protecting your property and ensuring that it is kept in good condition is hugely important for landlords. Our landlord insurance can cover you for a range of different property types as well as different types of tenants, from students to local authority placements. For more information, take a look at our dedicated landlord insurance page or call 0344 346 0409 to speak to a specialist adviser.