Are you new to being a landlord? Have you wisely invested in a profitable property? Or perhaps you have had the luck to inherit a property and now you plan to find tenants for it. Whichever category you fall into you will need to sort yourself out a
cheap landlord insurance policy.
This type of insurance is an investment to protect your asset and apart from understanding what type of cover you should expect from your landlord insurance policy you will also want to find a cheap
landlord insurance provider if possible.
Once you are choosing a landlord insurance by implication this means that your property has or is about to be rented out. This policy is to protect your asset and it is advisable to foresee all the possible worst case scenarios when investing in your policy. You will notice that landlord insurance is also described as buy to let insurance.
The first type of policy is normally based on a standard building insurance with perils covered which will highlight the differences between the owner property insurance and the tenant occupied insurance, in the case of landlord insurance. You wil also find that there a number of covers which can come under the umbrella term of landlord insurance. These include:
1. landlord building insurance
2. landlord contents insurance
3. landlord legal expenses insurance
4. rent guarantee insurance
5. emergency assistance cover
Before letting out your property you will need to comply with the obligations of a landlord buy to let insurance, so make sure you know and adhere to the various rules and regulations on the subject. Under the Landlord and Tenant Act you as the landlord are responsible for the upkeep of the structural aspects of the building, the installations and services provided. This includes water, gas, electricity, sanitation, water heating systems etc. Regarding gas you as the landlord are obliged to have the building inspected by a CORGI Gas Engineer.
When choosing your policy you will see that it is categorised into three main categories which are:
1. Professional/working/retired
2. Students
3. DSS
The second type of a policy is known as the comprehensive policy and although it is more costly it can work better in the long term and in the event of a claim. The kind of cover you should be looking for from a reputable brokerage should include:
1. All types of tenants to be accepted
2. Property owners liablity of up to as much as 5 million
3. Full accidental damage included
4. Terrorism cover also included
5. Loss of rent cover to be included
6. Employers liability could be included
The kind of damages included in cover would be fire, smoke, lightening, wind, explosions, damage from vehicles or aircrafts. These are some examples and when you are ready to choose you need to go over it word for word very carefully in case something that you believe you need cover for is missing.
Landlord liability is a very important type of coverage and is protecting you as the landlord from lawsuits when an individual is injured on your property. This is very important when you have tenants and even though they may seem quiet, they may not be. But one way or the other accidents can happen.
Make sure you understand all the implications before choosing and read over the details a few times in order to give yourself the chance to spot any missing areas before signing.
