house, landlord, insurance

Posted by Admin - 11/05/2016

 

Some of you may be under the impression that you and your rental property are covered by standard home insurance, however, this is not the case.

According to a recent report “UK Residential and Commercial Landlord Insurance 2016” over a third of landlords do not have a landlord policy which will safeguard them and shield them from exposure to financial liability.

You may be wondering, why won’t home insurance suffice?

Unfortunately, home policies are not constructed to cover rental activities and therefore, do not give you protection from the definitive risks you face as a landlord.

So, what exactly does landlord insurance cover?

Undeniably this is dependent on the cost and level of your cover, however, below is a list of things that could be included:

Buildings insurance

Contents insurance

Buildings and contents cover

Property owners’ liability

Employers’ liability

Landlord home emergency cover

Unoccupied property cover

Some policies may even include alternative accommodation, accidental damage, landlord boiler breakdown cover and loss of rent, however, this is usually included as part of your buildings cover. As previously mentioned the levels of cover available have a wide variance so ensure you put in place the policy you need but do not spend extra on aspects you do not necessarily need.

Did you know?

  • Even if your rental property is unfurnished you should still acknowledge the benefits of taking out contents cover for white goods, curtains and carpets.
  • Every time there is a change of tenancy you must declare this to your insurer.
  • Vast amounts of insurers will propose discounts when buying building and contents cover as a pair along with any additional covers.  This also applies to landlords with numerous rental properties.
  • Legal expenses cover may be sold as a single policy however it is commonly sold together with rent guarantee insurance.

For free advice on a range of Landlord Insurance products, our 9yds team are available to assist with your requirements, why not give us a call on 0333 006 3000