How To Reduce And Insure Your Flats Against Malicious Damage
If you are a landlord or a Right to Manage company, then you will have a lot on your mind, whether it’s maintenance or rent collection. With tenants coming and going over the years, there are often cases where malicious damage will occur. Not only is this worry in regards to health and safety in flats, but also making sure you have a flat insurance policy that can help put things right.
As a specialist building insurance broker, we are dedicated to giving you peace of mind with a comprehensive insurance policy. To learn more on malicious damage and how to protect yourself from this, read our quick guide below.
What is malicious damage?
If you are managing a block of flats, it’s important to note the differences between malicious damage and accidental damage. This is because each will involve a different claim and may even affect the relationship with your tenant. The majority of flats insurance policies will cover you if your property is damaged by a break-in or vandalism. That being said, not all insurance for blocks of flats will go as far as covering you for the damage caused by tenants.
In the likelihood that you are presented with damage to your property, the differences between malicious and accidental damage are most often easy to spot. For example, scuff marks on the walls are accidental, whereas a smashed plasterboard and broken windows is more likely to be malicious. DIY mistakes that lead to holes in the walls are also classed as accidental damage. On the other hand, if a hammer has aggressively damaged fixtures and fittings, you will probably be faced with malicious damage.
What flat insurance covers you against malicious damage?
Your standard buildings insurance for a block of flats will likely cover you against burglary but not paying tenants or their visitors. If you think this is something you may need, consider adding extras to your flats insurance policy, which will include anyone who has a legal right to be on the property. This means you will be protected in the worst-case scenario. Without this, as the landlord or right to manage company, you could face a large financial bill for any damage that needs repairing.
With the right insurance for blocks of flats, you can make a claim and then deduct costs from the tenant’s deposit. Please remember that they would need to agree to this beforehand. If they do not, you will need evidence of the damage and the costs incurred to repair it. At Flats Direct, we can ensure that you are covered for a wide range of eventualities. To get an expert review on your current block of flats insurance cover, please get in touch. Our team of specialist building insurance brokers will be able to identify if there are any gaps in your current policy.
How to prevent malicious damage?
Although malicious damage presents a concern, it is by no means an inevitability of being a landlord. As well as getting a bespoke flats insurance policy, there are plenty of other things you can do to prevent malicious damage.
You can take the first precaution before your tenants even moves in. Ensure you have completed thorough reference checks, and guarantor checks if required. This will help determine if your tenants have previously caused damage to properties and if they are at risk of doing the same again. Once complete, ensure you receive a reasonable deposit. In most cases, no tenant wants to lose this sum of money and will likely treat your building with respect.
It is also wise to invest in security measures, particularly if it is a large building. This way you have evidence in the event of a claim and may also deter thieves from malicious damage. Finally, the most important method of prevention is to cultivate a good relationship with your tenants. You are the owner of their home, and they will want to feel safe and supported. Make sure you tend to any repairs and keep a good line of contact open for them.
At Flats Direct, we provide quality advice for property managers and can find you the right cover to protect you against malicious damage. As respected building insurance brokers, we are happy to discuss the level of cover you need. For a tailored block of flats insurance quote, contact one of our specialist advisors. You can call us on 0800 731 6242 or email info@flatsdirect-uk.com to learn more about the policies available to add to your insurance for blocks of flats.