An Easy Guide to Landlord Insurance

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An Easy Guide to Landlord Insurance

written on 17/01/2017 4:35pm
As a new landlord the world of insurance can often be confusing and overwhelming. Back in the day landlord insurance was relatively simple, you either went for a policy that covered just the physical property or a policy that covered both the physical and the contents of the property.
Simply put, landlords who offer their properties furnished typically went with building and contents insurance and everyone else went with building only insurance.
We have compiled a list of the most common landlord insurance policies out there, however, you can pretty much get insured for anything these days if you are prepared to pay for it!
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Landlord Building Insurance
Is a policy which covers your property from any damage, which may include fire, vandalism or malicious damage, natural disasters, and subsidence etc.
There are hundreds of policies on the market for landlords so it is important that you do research into which policy would be the best for you. We would recommend talking to an insurance broker who will offer advice and assistance absolutely free!
Landlord Contents Insurance
While landlord building insurance is considered essential, contents insurance is up to you. Whether or not you choose to contents insurance depends completely on the contents of the property you are letting.
If the property is offered furnished or with white goods (fridge, freezer, ect.) then you may want to consider contents insurance. Most insurers offer a combined policy of building and contents insurance so when arranging your building insurance, make sure that your policy covers contents too if that’s what you want.
Rent Guaranteed Insurance
This policy protects landlords against loss of rent if tenants fall into arrears and can’t pay rent or refuse to pay rent for whatever reason. This policy only ensure against rental loss.
You will need to take out a separate insurance policy for this as not all landlord insurers provide this type of cover as it is quiet specialist.
Landlord Maintenance, Emergency and Boiler Cover Insurance
These are relatively new products which have become increasingly popular with landlords, especially because they cover boiler maintenance. This policy generally covers gas and electrical breakdowns. You would usually pay around £15 a month and whoever is providing the cover will attend to your gas and electrical related issues within 24 hours.
Call outs can be very expensive so it is definitely worth considering!
Public Liability Insurance
Landlord liability insurance could cover you in the event of the injury or death of any individuals on your property.
A good landlord policy should include liability insurance. If yours doesn't, you might want to think about taking out another policy for this or finding an alternative insurer that cover both in one policy.
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Top Tips!
  • Read the T & C’s
  • Keep your insurer up to date with any changes
  • Check the sum insured
  • Talk to a landlord insurance broker – free!

Property 360 Insurance Recommendations

Bristol Insurance Brokers are an independent and local company who offer bespoke customer service, specifically a complementary call-back and consultation service. Their property insurance covers many of the types discussed above.

Edison Ford Insurance offer a personal service with 25 years of experience behind them. You can contact one of their friendly advisors or alternatively pop into the office for a face to face chat about the policies that they can offer you at the best price. They provide free, no obligation quotes!

 

Disclaimer:

To be clear this is not legal advice, we have not independently verified the links, you need to check yourself for accuracy.

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