Landlord insurance – Aspects to consider when looking for insurance
Friday, January 29th, 2010 Subscribe To Our Feed
Buy to let insurance is essential if you have property that you rent out to others. There are various element of insurance you may wish to consider, but broadly speaking, landlord insurance can be taken out as buildings insurance and contents insurance.
Buildings insurance protection for landlords
A policy for buy to let buildings typically covers a broad range of events. However, there may be some limitations and exclusions within the policy and the benefits may differ between providers. Here is a general guide to the events that may be typically included in a policy:
- damage caused as the result of fire and explosion, earthquake or lightning, riot or disturbances while the property is occupied;
- storm and flood damage;
- accidental damage to cabling underground that services the property;
- theft, providing reasonable force has been used to gain entry / exit to the property;
- a loss of rent in the event that the building cannot be occupied due to an insured risk happening;
- subsidence.
As with all insurance policies, there are exclusions, so always read the summary of the policy carefully. It is also important to note that what is covered by one landlord insurance provider might typically not be automatically covered by another – policy features and benefits can vary, so do be aware of this when choosing your buy to let insurance UK cover. For instance, some providers include malicious damage protection in with their landlords insurance while others do not.
Landlords contents insurance
Contents insurance is also typically available in buy to let insurance In most cases, landlord insurance provides protection against the same perils as the buildings insurance, plus other elements of cover too.
Unoccupied property insurance
If your property is currently empty (maybe you are waiting for new tenants or the property is undergoing renovation), and you do not have an unoccupied property insurance policy in place, it is important that you notify your current buy to let insurance provider. Not doing so could render your cover invalid.
By definition, an unoccupied property is one where there has been no one living in it for 30 days or more, so do take note and make sure that you have the right insurance for landlords in place.
Securing the most suitable deal
You may wish to look into taking building and contents insurance together with the same provider. If you wish to take out both forms of landlord insurance, you may be able to make savings this way.
However, as with all insurance policies, the key to obtaining the most suitable policy is to do your homework and research your options – or get a specialist landlord insurance broker to do it on your behalf.
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