It is important to have a landlord insurance so that you don’t end up losing your property, fully or partially. If you are a first timer into the ‘to let’ business, then check out some tips for getting the best landlord insurance cover. By doing this, you can secure your property as well as avoid any kind of loss due to natural or man-made events. Consider these aspects in detail so that you can get the best out of your rental property and face no major issues due to tenancy.
Building and content insurance is a must: For minimum losses, your landline insurance policy must contain insurance for the building and its contents. In any case, you insure just one of the two, then you cannot claim for any damages on the one you have left. Contents include the things apart from the walls and permanent fixtures. If you leave your sofa, glass paintings, curtains or any other tangible yet movable thing for your tenant then first get it insured. A sudden fire, flood, quake, accidents in the house, etc. can damage your personal belongings and so, you need to insure both the building as well as the contents.
Go for specialist landlord insurance: Your basic insurance policy would consist of clauses for the protection of property, repossession, contract disputes, tax protection, etc. A standard home insurance will not be sufficient to protect your belongings. Again the main areas of the protection should be included in a single policy so, that buying the policy becomes easy.
Be clear about the covered and uncovered aspects of your policy: As a landlord, you must be aware about what is covered in the insurance policy. Providers may offer you a basic cover while you may need a comprehensive cover that protects you against incidences like theft by a tenant or guest, damage of property by the tenant and so forth. So, sit with your insurance provider and understand what is covered in your policy and what is still at risk.
Multiple policies and add-ons: To make the cover foolproof you need to consider specialist landlord insurance add-ons. You must choose public liability insurance, rent guarantee insurance, vacant premises cover and legal expenses cover too. These add-ons or multiple policies may increase your premiums, but then they give good pay-outs in case of any damage. So, do not miss out on these add-ons.
Be in line with the surveyor’s rules: Landlords need to understand that if they have taken an insurance some time ago then it has to be in line with the current rules and market conditions. The policy needs to be modified to cover the latest changes in the property. As the cost of rebuilding the property would change every now and then, you need to follow surveyor’s and insurer’s thumb rule to check the actual worth of the property. For flawless execution of the policy, it is advisable to take the surveyor’s report.
Know the landlord’s insurance in detail: It is advisable that you know every nook and corner of the policy. The legal terms may sound boring, but make yourself familiar with it so that you understand what your policy is all about. This will be of big help if you face any discrepancy in the future. To avoid such pitfalls, make up your mind to understand your policy in detail. It seriously helps!
These important and effective tips will help you get a flawless landlord insurance. You will be in charge of any unexpected situation that may arise during the tenancy. All the best! For details, on which landlord insurance cover is best for you, just check FreePriceCompare.com and contact us on 0203 4757 476.