If you own property that you rent out thenit is more than likely that you need to have landlord insurance. A good landlord insurance policy, such as the landlord insurance policies offered by UK insurance Net, provides both peace of mind and security to ride the tide of the inevitable ups and downs and trials and tribulations of life in the UK property rental market.
Specialised landlord insurance, over and above regular household insurance, covers you for uncertain periods were income may be irregular or dry up altogether. Whether due to unreliable tenants or time were the property is empty, landlord insurance cover can see you through periods of disrupted income.
Other considerations that make landlord insurance a must include significant emergency events such as a flood or fire. As a landlord, you not only have the repair bill to consider but also rehousing tenants. On top of that, you will probably also face an extended period were the property can’t be let out.
In addition to providing the buildings cover that a regular household insurance cover provides, a landlord insurance policy will also cover the specific risks associated with letting property. Some key risks covered include:
- Building insurance – covering the building itself.
- Landlord content insurance – is needed if you are letting a fully furnished property. This provides a replacement for any contents damaged by tenants from the furnishings to the fridge.
- Public liability insurance – covers you in case a person injures themselves on your property.
- Boiler breakdown cover – any boiler problems need to be sorted immediately and with the minimum of fuss.
- Re-housing tenants – in case of a major emergency, such as a fire or flood, re-housing tenants cover will pay for your tenants to be re-homed if your property becomes inhabitable.
- Accidental damage cover – accidents do happen.
- Loss of rent cover – can pay for your lost rental income periods in the event that the property becomes uninhabitable due to an insured event like a fire.
- Theft by tenant cover – especially useful if there are valuable contents in your property.
- Subsidence cover – subsidence can be a big threat to the structural integrity of your property. Can be an essential part of a landlord insurance policy if the property is in an area susceptible to subsidence.
Financial Considerations when Choosing Landlord Insurance
In addition to making sure that your landlord insurance policy covers you for all the risks that you and your property are exposed to, of course, you also want to make sure that you are getting the best value. Some key money factors to check with your broker include:
- Flexibility – your needs can change as time goes by so it’s important that you have a policy that can grow or contract with any changes to your portfolio of properties.
- Multiple properties – if you have a portfolio of properties, you should be able to get some good discounts with your broker.
- No claims discount – if you are an experienced landlord with a clean history without any insurance claims, be sure to check with your broker that you are getting the best possible no claims discount.