Choosing the right landlords insurance is crucial. The insurance needs to take into account the property and the tenant, as well as the landlord.
You can get a landlords insurance quote online in just a couple of minutes.
As a landlord you are responsible for the buildings insurance and contents insurance for your property.
The tenant is responsible for their contents and, as appropriate, needs to arrange their own tenants contents insurance for these.
As well as buildings and contents insurance, you need to consider other aspects of landlords insurance. We now look at the key areas to include.
Accidental buildings damage insurance
Accidental damage may be caused to your buildings. Some insurance providers offer free accidental buildings damage depending on your type of tenant. Be aware though that with some this additional cover may come at an additional cost.
Landlords Liability Insurance
You need to ensure that your insurance provides landlords liability insurance.
This provides cover against potential legal actions from your tenant, arising from accidents, injuries or even deaths on your rented property. With awards that can be around £100,000, liability insurance is vital. A limit is usually set at £2m as standard, although some providers will allow this to be increased if required.
Alternative Accommodation Insurance
If your property suffers damage and as a result it becomes uninhabitable, you need to consider what happens to your tenants whilst you make a claim and repairs are carried out. You really need to have a policy that provides your tenants with alternative accommodation.
Loss of Rent Insurance
Loss of rent which are you are unable to recover and additional costs incurred for alternative accommodation arising as a result of your property becoming uninhabitable can also be covered as part of your landlords insurance.
Ideally look for an insurance policy that includes a good percentage of the buildings sum insured for this, usually 20%.
MoneyHighStreet works with Simple Landlords Insurance, specialist providers of online landlords insurance.
They offer a wide range of insurance to meet specific circumstances and budget. They also offer discounts on landlords insurance for multiple properties, starting at 3 properties.
You can get a landlords insurance quote online now. It’s quick and easy and you can have a no obligation quote in just a couple of minutes.