As a new landlord, first time landlord insurance can be a bit confusing with all the terms and different types of cover available. This guide will answer all those questions so you’ll be on your way with the insurance policy you deserve.
What does a landlord insurance policy consist of?
A typical landlord insurance policy will include landlord buildings and contents insurance, it can also include, loss of rent insurance for buy to let landlords and home emergency insurance for emergencies at home.
The policy can also include liability insurance
Are you a buy to let landlord?
If you’re a buy to let landlord, it’s a good idea to take add loss of rent guarantee insurance to your policy. This policy will cover your rent if the property becomes uninhabitable because of fire or flooding.
The policy can also include alternative accommodation for your tenants while the repairs are getting done.
Covering your contents for furnished properties
When you rent out a property with furniture of value or you’ve just renovated the property with decent futures and fittings, you’ll want insurance to protect your investment.
The best solution would be to take out a landlord contents insurance policy, which would cover your property contents and any accidental or malicious damages that could be caused by tenants.
The cost of this policy will be calculated based to the value of your contents.
Covering your tenants
When you have tenants living in your property, it’s good to know that they are covered through your landlord insurance policy with liability insurance. Include liability cover into your policy because you do really need it as top UK insurance companies recommend it.
Covering broken down boilers and burst pipes
This is where landlord home emergency insurance comes in to play. You can add this cover to your policy for extra piece of mind and extra piece of mind for your tenants living at the property.
This cover will pay for broken down plumbing and electrical equipment, or damaged front and back doors. if you get broken into during the night or any time of the day.
Each policy is different and offers different solutions, so be aware of this and ask what your covered for before you take out any policy.
Covering your property for fire, and flooding and subsidence
Your landlord buildings insurance will cover damages like this. If you property needs a total re-build, the policy will pay out for this. Remember and tell them the total cost of rebuilding your property from the ground up, because if you don’t, they will only pay the amount you told them when you took the policy out.
Get a quote from a reputable building company for a re-build cost.
Do my tenants need separate insurance?
No they do not, but if they wish they could take out a separate policy for their own personal items like jewellery, clothing and the stuff they own.
Where can I find a cheaper first time insurance policy?
Right here off course, UK Landlord Insurance.com gives you the tools to get the job done right. All you have to do for cheaper first time landlord insurance is fill in your details and you’ll get a company that willing to help you in minutes during working hours.
The offices are open Monday to Friday from 8am to 9 pm and at the weekends, 8am to 10pm. Get a quote anytime, they'll get you the next morning.
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