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  • Rent-to-Rent

    Do I need Insurance?

    As a Rent to Renter, is it absolutely compulsory for me to take out some sort of Insurance?

    Or can I get the landlord to amend his own insurance and let that cover me and my activities? Would that be enough?

    Appreciate the help,

    JH

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    Isn't the whole point of rent to rent that you take on all the responsibility  for the letting; and mitigate all the risks?

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    Does that view depend on thinking these people know what they are doing?  I've seen precious little evidence they do, and a lot that they don;t.

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    But is it required by law?

    JH

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    As the property manager, you should have all the necessary compliance and insurances in place, including PI insurance as the landlord is not responsible for insuring your business risk.  Furthermore, I very much doubt that your landlord's insurer would offer to cover Rent to Rent activities.

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    "you should have all the necessary compliance and insurances in place"

    Does that mean it's a legal requirement?


    JH

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    JH it's not a legal requirement but it will save you in the event of a 'rainy day'.

    As Vanessa pointed out, the landlord (your clients) are not responsible for insuring your business risk. What if something unforeseeably went wrong that lead to a claim against you?

    If your clients suffer a loss as a result of your negligence in your work, they can make a claim. 'Negligence' is a hard word, so let me rephrase. What if you made an honest mistake that lead to your client making a loss, and they put in a claim against you? You could be financially levelled with a claim like this, You'd probably be pretty distraught to losing your business over an honest mistake.

    It doesn't cost much, I would strongly recommend looking into it!

    FYI - I run a R2R business and use PI.

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    Thanks, if I want to protect malicious damage from a tenant, what type of insurance would I need?


    JH

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    Enough spare cash to be able and willing  to write off the loss involved - tenants are almost never criminalised for damages/loss of unpaid rent etc.

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