Insurance Definition Malicious Damage
You should always take out a policy that specifically says that malicious damage by tenants is included to ensure that you have adequate cover.
Insurance definition malicious damage. Hi all i rent out our first house and about 3 weeks ago one of the tennats set fire to the house deep joy. Insurance that covers malicious damage will usually pay the cost of repairing the damages caused by malicious damage. Excesses will also often vary depending on the type of tenant damage you experience. We are still waiting on the insurance company s decision on covering the damage easily five figures as there is a sticking point as to whether the damage was malicious or not the tennant in question had been an excellent tenant for 2 5 years he had painted and decorated the house.
A rental property that was the scene of a marathon siege on the gold coast prompted a landlord insurance claim which was close to 20 000. Get a quote and apply online to get a 5 discount. Insurance for malicious damage or theft. Malicious damage is damage caused on purpose to the property of another person.
The definition of malicious damage for most insurers is damage caused by somebody on purpose. However covering against this may save you a great deal of money should something happen to your property. Some insurers will include damage made by tenants and some won t. So buildings insurance can pay the cost of repairing damage done to your business building while contents insurance could pay for repairs or replacements of contents that are damaged maliciously.
How to claim on accidental damage and malicious damage by tenants insurance. Vandalism and malicious mischief insurance is a type of insurance coverage that protects against losses sustained as a result of vandals. Malicious damage insurance doesn t usually exist as a cover on its own right. Meaning pronunciation translations and examples.
Getting cover for malicious damage or theft can be tricky. Limitations and exclusions apply please refer to the policy booklet for details before you make an accidental or malicious damage insurance claim. Call charges will vary. If you need to make a claim call our 24 hour helpline on 0370 900 5565.
Some insurers won t cover it at all and others may charge a high excess for this cover which may put some landlords off.
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