Don't trust to luck

Don't trust to luck

Don't trust to luck

This may be every property owner's worst nightmare and one that will inevitably involve protracted negotiations with an insurance company, but it is something regarding which landlords can at least try to minimise the possibility.

Invalidated insurance

Even with valid landlords insurance, it is very important to be aware that if there is no violent and forcible entry to the premises there is no insurance cover for theft and theft damage (including malicious damage). In other words, if someone has gained access to the premises by having a key (to which they were not entitled) your landlord insurance could be worthless in respect of any damage done.

Basic precaution

The basic step of simply changing your property's external locks after every change of tenant can be a good way of ensuring that you are less likely to be woken up in the early hours and told that your property is now unusable.

Squatters

It is not so much that the previous tenants are untrustworthy and liable to pass on copies of their keys to others who may squat in the property, or simply enter and cause damage. The issue is that, like any of us, they could become relatively negligent about taking precautions that might previously have appeared perfectly normal, once no longer directly interested in something.

In this case, a tenant moves out and is therefore focussed primarily on their now home; they do not think carefully about the old place and may not therefore consider the security of keys that they may have failed to hand in perhaps because they had duplicates made for friends or family members.

While these may not deliberately be given to miscreants, they could easily be neglected and, if there are any identifying marks, present a first-class opportunity for thieves or vandals to gain access and do damage or even take illegal possession.

Beware of professional criminals

Not all issues relate to property being accessed by those with no right to be there, but who have found' a key. Discovering that your property has been taken over for use as a cannabis farm is not necessarily something that even the most stringent tenant checks will prevent, but it is essential to go through the steps, or legal expenses insurance could be ineffective.

Getting the right advice

It is important to seek independent professional advice before making any decision about your property owners' property and liability insurance as well as your financial obligations. You should always ask your insurance advisers, like Alan Boswell Insurance Brokers what experience they have of dealing with residential and/or commercial rental property insurance.

Nothing contained in the article should be considered as giving individual financial advice. Please note that there may be variations for those living in or letting property located in Scotland and Northern Ireland.

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