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LANDLORD INSURANCE INFORMATION LIBRARY

Below you will see information on landlord insurance.

        

LANDLORD INSURANCE

Are you ready to get on the property ladder? As a landlord you have a large responsibility to shoulder. Your tenants rely on you to provide a habitable home and if anything were to go wrong with the building or any of the contents that belong to you (such as dishwashers, washing machines, showers), you may be liable to cover the expense.

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What is Landlord Insurance?

Landlord insurance is insurance for anyone who rents out their property to paying tenants. Whether you are a single landlord renting out a second home, or a large-scale property investor with a large portfolio of properties under your belt, landlord insurance is absolutely vital in order to ensure that your money and investment is protected.

A regular home insurance policy does not adequately cover a landlord, but fortunately there are now plenty of excellent landlord insurance providers available, with a range of well-priced policies to offer.

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What does Landlord Insurance Cover?

The most important areas that landlord insurance covers include

  • Building Cover

Whether it is a fire, burglary / vandalism or bad weather, a property can suffer damage. Whether this is extensive or minor, the insurance policy can step in to deal with some of the costs of repairing the property. It may also include loss of rental income for the period in which the building is made uninhabitable.

  • Contents Cover

This provides cover for the contents within the building, such as appliances.

  • Landlord Liability Cover

Liability cover is an essential aspect of a landlord insurance policy and many providers offer cover of up to 2 million. The number of claims for personal injuries has risen over the past decade so it is vital to ensure that this element is covered.

  • Legal Expenses

This happens frequently, where a dispute arises between the landlord and the tenant(s). As a result they may cease paying the rent or leave the premises altogether leaving the landlord with lost income.

If the case then goes to court (for eviction or unpaid rent), legal expenses cover within the policy can step in and pay for the legal costs involved. Note that not all landlord insurance policies will automatically include legal expenses cover you may need to purchase it as an addition.

  • Emergency assistance

If your tenant needs something fixed urgently / out of hours, such as a burst pipe or dodgy boiler, emergency assistance cover can pay for the problem.

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Things to Remember

It is important to bear in mind that for all the many insurance providers available, there are also many different cover types available.

Do not assume that because one insurer provides a certain feature, the other(s) will do the same. It is vital to compare policies carefully and check that they include everything you are looking for.

In some cases, you will need to buy extra protection or have your policy tailored to your requirements.

Remember that depending on what type of claims settlement option you go for, the amount of premium you pay may vary. Another aspect to think about is the deductible on the policy. How much will you (the landlord) have to pay in the event of a loss? How much better will the premium be priced if your deductible goes up?

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How is a Loss Settled?

If you suffer a loss on your buy-to-let property, you can usually use two methods of settling the loss. These are replacement value or actual cash value.

Replacement value offers compensation for the costs of replacing any damaged property, while actual cash value offers compensation after depreciation has been taken off the current value of your property.

        


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