| Legal Expenses Insurance for Landlords Legal Expenses Insurance for Landlords is another bolt on cover which unfortunately not too many Landlords seem to know about. The contract is usually added to a Landlords Buildings and Contents policy but few intermediaries in our experience offer it at the time of sale. However, it is an important cover and if you are serious about managing your investments then purchasing this product can provide you with a great deal of peace of mind for a relatively small premium.
Most of the Landlords are typically unaware of the contracts existence yet when shown a sample of cover available almost all thought it to be a worthwhile policy. Since the Introduction of Assured Short hold Tenancy Agreements or Short Assured Tenancy agreements if your property is in Scotland the rights of tenants and landlords have been laid down in agreement form, the days of simply being able to evict non paying tenants has long gone and if you try to evict a tenant without serving the correct paperwork, you will be breaking the law. This and many other legal dispute problems can take up a lot of the part time landlords resources, A good Legal Expenses policy can go a long way to helping to deal with problems if and when they arise.
There are a large number of Legal Expenses policies on the market and all of them seem to offer different forms of cover. This is the type of insurance policy that you should t look at the required premium last, study the scope of the cover first, decide what your individual requirements are. Of the policies that we have seem to following are covers that are available:- - De fence Against Prosecution Cover - This cover is available as part of a larger policy or sometimes on its own. The three main areas of cover relate to the landlord being in breach of the Gas Safety ( Installation & Use) Regulations 1994, Furniture & Furnishings(Fire)(Safety)(Amendment) Regulation 1993 & the Electrical Equipment(safety0 Regulations 1994.
- Legal Expenses Helpline - These are usually open 24 hours a day and you can call up at any time and speak to a solicitor with regard to any problems you may be experiencing as a Landlord.
- Eviction Cover - If you have to evict your tenant from the property, Legal Expenses cover will be provided to assist you.
- Breech of Tenancy Agreement If the tenant breeches their agreement. Legal Expenses insurance may help protect your rights.
As well as the above covers it is also possible to obtain Legal Expenses Insurance for rent arrears pursuit, this must not be confused with Rent Guarantee cover where the policy will simply pay you ( subject to terms & conditions) if the tenant fails to pay the rent. Rent Arrears pursuit cover will provide you with legal Expenses to recover unpaid rent from the Tenant. Depending from whom you buy your policy, you may find the sums insured vary. £25,000c is fairly common with a few offering larger sums insured of £50-£100,000 back to top |
