The internet has made it far easier for you to gather together a number of landlord insurance quotes in a short period of time.
Consumer tools like insurance calculators and price comparison websites mean that you can survey a number of landlord insurance quotes and compare prices and policies, but there are a few simple things you should consider first.
There are two main areas of landlord insurance that you will need to think about before you begin renting out your property to tenants.
Landlord buildings insurance
You will first need to insure the actual physical structure of the property you are renting out. Buildings insurance will mean that you do not have to pay the full cost of repairs or rebuilding for the structure of your property.
Most policies will provide cover from damage arising from:
- Fires
- Storms and floods
- Vandalism, theft and attempted entry
- Subsidence
- Damage to pipes caused by natural conditions like freezing
The details of individual landlord insurance quotes mean that some will have certain features that others do not. A particularly useful feature for you may be insurance that covers the cost of temporary accommodation for your tenants if the property becomes uninhabitable.
Landlord contents insurance
Contents are defined as being all the things that could be taken with someone if they decided to move, so things like furniture, televisions and other belongings. The extent of the cover you will need here will depend on whether your property is fully or partly furnished, or not at all. If you have not furnished the property, you can get a lower level of contents insurance to protect the permanent features, such as carpets and bathroom fixtures. It is the responsibility of the tenant to insure their own belongings.
Extras
You should look out for the extras provided by companies when comparing landlord insurance quotes:
- Legal expenses cover will mean that you will not have to pay the full costs involved if you are taken to court by your tenants, or they by you.
- Rent guarantee cover will keep you afloat if your tenants miss their rent payments or if the property becomes uninhabitable.
Make sure you compare landlord insurance quotes to find the right deal for you at the right price.