For first time landlords who have many questions about how to protect their investments check out websites on the internet to find plenty of information, tips and guidelines of how and where to buy the best landlord insurance. Insuring your property or properties should be at the top of your list of things to do as it protects not only the buildings but contents too if you let your property out furnished.
Ordinary home insurance isn’t sufficient to cover buy-to-let property so online brokers suggest that all landlords should purchase the correct type of insurance along with additional cover that is also available.
Landlord liability insurance
This additional insurance cover is essential if a tenant is injured or becomes ill due to being in your property which you may be held responsible for. If the electrical wiring was faulty in any way and the tenant was electrocuted for instance you would have been negligent because the wiring should have been thoroughly checked and repaired, if damaged, before letting out the property. Liability insurance covers you for any compensation your tenant may claim along with any legal expenses that could be incurred if you were taken to court for any reason. Click on http://www.thepropertyinsurer.co.uk to see what this reputable online insurance company has to offer, for more in-depth information why not make contact by telephone or e-mail when any questions you may have can be fully answered.
What does landlord insurance actually cover and what are the costs?
Landlord insurance policies cover the following:-
- Loss of rent if your tenant fails to pay
- Accidental or malicious damage to the property or its contents
- Legal expenses
- Employers’ liability – this is useful if you have employees working for you and are injured while working on your property then decide to make a compensation claim
The costs for landlord insurance vary quite considerably depending on the location of the rental property, risk of flooding which could be a threat to the building and security measures you have taken to protect your investment. Brokers will offer lower premiums if you have an alarm fitted to your property along with sturdy locks on doors and windows, it’s also recommended to fully vet prospective tenants to make sure they can afford the rent. Buy fully comprehensive insurance, after all your investment is one that you want to make money from and not have to keep paying money out for repairs if under-insured.