Landlord Insurance for Scotland
All private landlords in Scotland are legally required to register with their local authority. This is so you can be checked and to make sure you are competent enough to perform the role legally and professionally.
Instead of being ‘subject to contract,’ an offer for a rental property is put into writing once it has been seriously considered. By submitting this offer, the prospective tenant has agreed to rent at a certain price. The contract between the landlord and the tenant specifically stipulates that the asking price will not alter or become ‘subject to change.’
One benefit of this law is that it avoids any opportunity for the landlord to change the asking price or accept a higher or lower offer from someone else. However, it can be fairly time consuming. Although we have highlighted a few differences, you should also look into the Scottish rental law yourself for peace of mind.
Landlord insurance for Scotland however is not that different from England and Wales, and as with elsewhere in the United Kingdom it is a common proviso for mortgage lenders to require landlords who have buy to let mortgages with them to take out an appropriate level of landlord insurance on the property.
There are a diverse range of options for landlord insurance meaning you should be able to tailor your cover to your specific requirements by comparing the different features and optional extras of different plans.
Features and optional extras you may wish to consider include:
Specialist landlord buildings insurance is a requirement of many buy to let mortgages. It will provide cover for your property’s physical structure such as the walls and roof as well as the permanent fixtures.
If you let a property as fully or partially furnished then this type of insurance will protect those items you provide. Although what you are protected against will vary by insurer it may include; accidental damage, theft, malicious damage.
Landlord liability cover
If a tenant or visitor sustained an injury and made a personal injury claim this type of cover could help pay for your legal costs, and if you were found to be liable it could pay compensation to the claimant and cover their legal costs.