In the UK, there are a variety of landlord insurance policies to choose from. The one you choose should be the one that fits your requirements, exactly. Here is a general guide to what you should look for when you are looking for the right landlord insurance. There are a number of insurance companies in the UK, that provide landlord insurance. If you want to save some money and compare landlord insurance is a good bet to save some money on. Take care to go in for landlord insurance, or any other insurance policy for that matter, only by insurers who are regulated and authorised by the Financial Services Authority.
To protect yourself from the resultant losses, it is important to purchase an apt landlord insurance. In order to save costs you may also want to use a good comparison of costs and benefits, e.g. via Comparethemarket.com.
Landlord Insurance Providers
In the UK, there are several insurance companies that offer landlord insurance. To purchase a cover that best suits you, it is important to compare the provisions of different insurers. Some of the competent entities include:
Buildings insurance for landlords
Ideally, you would be looking to pay a low premium with a very comprehensive cover. This kind of landlord insurance is also known as buy to let insurance. The major part of your insurance policy would be cover for the building and any other structure. The policy would also include the fitted interiors and will also cover the cost of replacement and repair in the event of damage. This kind of landlord insurance normally covers fire, theft, lighting, vandalism, smoke, storms, burst pipes, fuel oil leaks, subsidence and impact from vehicles or falling trees.
Landlord insurance would at the same time cover the contents inside the building which belong to the landlord. However, the insurance will not cover the tenants contents which have to be insured separately. Landlord insurance policies also protect the landlord against the loss caused by other factors such as the cost of finding another house for the tenant, as well as the loss in revenue in such an event. Landlord insurance will also give you some remuneration if there is a longish period when you cannot find a tenant. But this would make you ineligible to receive compensation.
Landlord insurance coverage
However, there are some factors that you have to consider as these are not covered by landlord insurance. You will be compensated for the contents of your property in the event of theft only if there are signs of forced entry. So if your tenant walks away with the lighting fixtures or the bathroom sink you will not get any money from insurance. So it is always advisable to ensure that the deposit money would cover such contingencies.
This is particularly important, if you are leasing out a property which is fully furnished. What is not include in the landlord insurance, would vary from one insurance provider to another. It could be the first few hundred pounds or a fixed amount of some claims. Landlord insurance policies are not the right fit when the property has been used for holidays or has remained vacant of long periods of time.
To ensure that you really get the full benefit of the landlord insurance cover, you have to make sure that you have put a number of measures in place on your property. This could include regular maintenance of the structure and equipment such as the boiler to name just one.