All landlords have an obligation to manage and maintain property, so it can be advisable to obtain landlord insurance. This insurance is not compulsory but it can make it a lot easier to deal with unexpected incidents such as any tenant’s damage, acts of nature such as floods or fire at the property. Cover can be for all types of properties ranging from bedsits to holiday homes, so don’t leave yourself exposed by not getting cover.
& Min. Excess
& Min. Excess
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Off the shelf policies can contain a variety of different elements but they can also be tailor made to suit individual landlords needs. A standard policy may not be enough to cover the potential risk such as legal fees, damage to property by the tenant or loss of earnings/rent if the tenant moves out. Different types of covers are available. Some of the mains ones are detailed below:
Not all tenancies are perfect. For instance, landlords may have to evict troublesome tenants. This could require a repossession notice from the court and these can be expensive, which is why it can be good to include it in policies so the fees are covered by the policy.
This covers protects the landlord against any lawsuits resulting from injuries or casualties to any persons at a landlord's property. Maximum payments vary by providers, but are often well over one million pounds.
If property becomes inhabitable, either through accidental or malicious damage landlords can claim the rental payments for the entire time it is empty. How the payments are made will vary by policy and provider.
This covers the building itself from fire, lightning or earthquakes and the contents such as carpets, fixtures or fittings from accidental damage, flood and theft. Some policies also provide the old for new option which means some contents can be replaced.
There are some similarities between landlord and home insurance but landlord policies consider the potential risks such as loss of rent and accommodation costs should the tenant have to move out after an insured event and it also covers liability as a landlord, whereas the standard home policy won’t consider any of these. It is also unlikely that standard home insurance will cover a rented property as this is likely to be viewed as a commercial enterprise – making any cover void. Landlord’s found to be claiming on the basis that they are the occupier are potentially guilty of fraud (which if prosecuted mean they will have a criminal record).
The best way to get the best policy is to shop around and compare the different types of covers provided until you find the one that suits your needs. The selection can be made a lot easier if the type of tenant (students, employed etc.) have been identified or if the property is furnished or unfurnished for contents cover.