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Legal Expenses Insurance
With the number of court cases increasing each
year due to disputes with tenants, the likelihood of unexpected
solicitors' fees is becoming a real consideration....
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:-
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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.
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
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