# Landlord Insurance for Apartment - Is it worth it?



## llgon (19 Jan 2016)

I own an apartment which is rented out, I have taken out no insurance on it.  Buildings insurance covered by management fees, I wouldn't be too concerned about insuring contents, if damage/loss I could cope with it.  My main worry would be liability for accident etc. within apartment, presumably not covered by buildings insurance.  Is it worth taking out policy just for this, I feel I have done everything to comply with regs and create safe environment, would there be any other benefits?  Do insurers sell these policies directly or is it necessary to go through a broker? Thanks


----------



## noproblem (19 Jan 2016)

As the owner of Easi-Jet once said, "If you think insurance is expensive, try having an accident without it"?


----------



## landlord (20 Jan 2016)

I have multiple properties rented with only the block insurance. I take a chance.


----------



## peteb (20 Jan 2016)

a contents only policy will cover your public liability as a property owner to the tenant.  Probably set you back 100 to 150!


----------



## Clonback (20 Jan 2016)

The risk is high so for a relatively small amount I would definitely insure contents and avail of public liability which is the most important.
The cost is tax allowable.


----------



## facetious (20 Jan 2016)

The law (RTA 2004, section 12, Landlord Obligations, requires a landlord to have in place an insurance policy:

_12 (c) subject to subsection (3), effect and maintain a policy of
insurance in respect of the structure of the dwelling, that
is to say a policy—
(ii) that indemnifies, to an amount of at least \250,000,
the landlord against any liability on his or her part
arising out of the ownership, possession and use of
the dwelling,_

If you, as a landlord do not comply with the law, do not complain if your tenant does likewise.


----------



## llgon (20 Jan 2016)

Thanks for all the replies.  I was unaware of the obligation under law to have such insurance in place. I do try to follow all the rules and would have checked the PRTB list of obligations which include 'insure your property', I thought I had this one covered.  Do insurance companies provide a policy 'against any liability' of a landlord? Anyway, the conclusion is that I will take out a policy.


----------



## Bronte (20 Jan 2016)

landlord said:


> I have multiple properties rented with only the block insurance. I take a chance.



That's crazy.

Ligon I was taken to court, not any old court, the High court by tenants who said they had injured themselves in my property.  The tenants were brought to the High court from their respective jail cells.  I had insurance, the tenants lost, but you can be sure the tenants weren't paying for the insurance companies lawyers.  If the tenants had won I dread to think without insurance how out of pocket I might be.

My public liability is part of the house insurance.  About two years ago a roof of mine blew off in one of those bad storms and I now have a brand new roof.


----------



## llgon (20 Jan 2016)

Might be a silly question but would it be worth contacting Management company to see if Block policy covers public liability within apartment?


----------



## noproblem (20 Jan 2016)

llgon said:


> Might be a silly question but would it be worth contacting Management company to see if Block policy covers public liability within apartment?


You should read a previous post above on landlords liability


----------



## facetious (20 Jan 2016)

llgon said:


> I own an apartment which is rented out, I have taken out no insurance on it.  Buildings insurance covered by management fees, I wouldn't be too concerned about insuring contents, if damage/loss I could cope with it.  My main worry would be liability for accident etc. within apartment, presumably not covered by buildings insurance.  Is it worth taking out policy just for this, I feel I have done everything to comply with regs and create safe environment, would there be any other benefits?  Do insurers sell these policies directly or is it necessary to go through a broker? Thanks


And who pays if you have a burst water pipe in your apartment and that affects the apartment beneath - new flooring, possible repainting not to mention possible hotel expenses for the tenants below as well as your own tenants, plus the damage to your own apartment. Or if your own tenants have a fire in the apartment causing smoke damage to several units. This is not usually covered by the block insurance which is there in case the block falls apart. Also, block insurances very often have a high minimum claim of 5 grand or similar. In any complexes I've lived in, that was the case.

Google "landlord Insurance" should come up with some answers.

And tenants should insure their own property within the apartment.


----------



## llgon (20 Jan 2016)

noproblem said:


> You should read a previous post above on landlords liability


I have read the above post.  I am paying for block insurance through my management fee.  If this covers me fully for public liability I don't want to take out another policy to insure me on the double. That's why I asked the question.


----------



## llgon (20 Jan 2016)

facetious said:


> And who pays if you have a burst water pipe in your apartment and that affects the apartment beneath - new flooring, possible repainting not to mention possible hotel expenses for the tenants below as well as your own tenants, plus the damage to your own apartment. Or if your own tenants have a fire in the apartment causing smoke damage to several units. This is not usually covered by the block insurance which is there in case the block falls apart. Also, block insurances very often have a high minimum claim of 5 grand or similar. In any complexes I've lived in, that was the case.
> 
> Google "landlord Insurance" should come up with some answers.
> 
> And tenants should insure their own property within the apartment.


Maybe you could answer who pays in those scenarios. Googling landlord insurance doesn't provide the answers.


----------



## peteb (21 Jan 2016)

llgon said:


> I have read the above post.  I am paying for block insurance through my management fee.  If this covers me fully for public liability I don't want to take out another policy to insure me on the double. That's why I asked the question.



It doesn't as I've already mentioned above.


----------



## facetious (21 Jan 2016)

llgon said:


> Maybe you could answer who pays in those scenarios. Googling landlord insurance doesn't provide the answers.


I've just googled "landlord Insurance Ireland" and have come up with at least 7 companies who do landlord Insurance. Phone or write to them and see exactly what they offer.

_If your property is insured under a block policy ie an apartment this policy will only cover liability arising from accidents in common areas ie the hall, stairs and landing. It will not cover accidents occurring inside the apartment. For liability cover to apply inside the apartment you must have content insurance but check that it covers liability to the Tenant as well as third parties (visitors, workmen etc.) 
From: http://www.irishlandlord.com/index.aspx?page=infocentre_article_view&id=6_


----------



## llgon (21 Jan 2016)

Thanks again for all the replies, particularly for the two references from Facetious.  Like I said I am going to take out the insurance as a result.  I do want to have the correct cover in place and the reason I have made the queries was to make sure I wasn't doubling up unnecessarily on the insurance.


----------



## Bronte (21 Jan 2016)

Don't forget Ligon it's tax deductable.


----------



## llgon (21 Jan 2016)

Thanks Bronte


----------



## facetious (21 Jan 2016)

Bronte said:


> Don't forget Ligon it's tax deductable.


Tax deductable is all well and fine IF you make a profit.


----------



## KOW (21 Jan 2016)

Have an apartment rented out to South Dublin County Council under the long lease scheme [10yrs] ie the council responsible for all maintenance etc.
Do not have any insurance bar block insurance. Would I still need public liability or is it councils baby? Cheers in advance.


----------



## Ceist Beag (21 Jan 2016)

facetious said:


> Tax deductable is all well and fine IF you make a profit.


Profit has nothing to do with it. Income is what you are offsetting the insurance cost against - not profit.


----------



## facetious (22 Jan 2016)

and some landlord policies will cover loss of rent due to rent arrears, I believe (or that may be only in the UK).


----------



## peteb (22 Jan 2016)

not here they wont.


----------

