What to look for when buying landlord insurance
Whether you have a large amount of rental property or have just bought your first buy to let its important to find the best landlord insurance policy for your specific needs. There’s a diverse range of products in the landlord insurance market so shopping around may really pay off. Many policies offer a great deal of optional extras so it’s important to consider what level of coverage you would feel comfortable with.
Features of different landlord’s insurance policies may include:
Landlords Building Insurance
This is the most basic level of landlord insurance available and only provides cover for the buildings structure and rebuilding cost.
Landlord Content insurance
If you rent out a property as furnished this insurance will cover the property’s contents such as white goods, carpets and sofas.
Landlord Liability Insurance
Liability insurance can help cover your legal costs if a tenant of yours decides to go into litigation with you for instance in a personal injury claim.
Loss of Rent cover
In the event of an accident happening which means your property cannot be rented out for a period of time this cover may be able to protect you from the loss of rent incurred.
Landlord Emergency cover
This will cover the cost of emergency repairs following incidents that need immediate attention like a burst pipe or break-in. This type of insurance can help you get a qualified tradesman to the property in an incident 24 hours a day 365 days a year.
When it comes to landlord’s insurance you want to try andmake sure your policy your covers all of the things you want it to. Using the above comparison tables you may be able to compare what is on offer from HSBC with alternative plans from different providers.