What to look out for when buying landlord insurance
There is a wide range of landlord insurance options available, providing cover that is extensive and good value for money. You may not think it is necessary to get specialist landlord insurance if you already have domestic buildings and contents policies, but these home policies may not actually cover you in all situations. Whether you own a portfolio of properties, or a single buy-to-let residence, there are policies designed to suit your requirements. Follow the links above to see what might be available to you and get quotes.
There are a range of different features a landlord insurance policy might include. Some features you may want to think about when looking for a policy include:
Provides cover for the physical structure of the building and any permanent fixtures. Most policies will mean that you are covered against damage to the roof and walls form things such as floods, storms and subsidence.
This has special importance if you are renting your property out partly or fully furnished. Landlords contents insurance will cover the cost of replacing or repairing items such as carpets, furniture, televisions and other items if that nature. It is the responsibility of the tenants to ensure that their personal belongings are insured, usually with their own separate contents insurance policy.
Landlord’s liability insurance
Gives landlords protection from having to pay the full cost of a personal injury claim made against them by a tenant or visitor to the property.
Rent guarantee insurance
Will cover you for missed or completely non-paid rent form your tenants.
Legal expenses cover
Will cover the cost of legal fees for things such as taking trespassers to court.
Loss of rent cover
Keeps you afloat if the property suddenly becomes uninhabitable. When looking at the different landlord insurance policies available, you need to carefully consider if they will be suitable for your exact requirements. Some providers will not be able to provide insurance policies to certain kind of buildings or tenancy types.
When getting landlord insurance quotes you may find it useful to have some of the following information to hand:
- The full address of the property, or properties if interested in multi building cover
- Building type such as terraced house, semi detached etc
- Information on the roof type such as whether it is tile or slate or if any portion of it is flat
- Year property was built
- Tenancy type
- Rebuild value
- Contents value