Landlord Insurance

A large number of people are now becoming residential property owners in the UK, by buying homes, and renting or letting them out to tenants. It can be one of the biggest investments that you ever make, and you must make sure that you have the correct and adequate insurance in place to cover you in the event of a claim.

A standard household insurance policy will NOT give you the correct level of cover, and if you had to make a claim, you would not be paid. If you let your property out to tenants, there are several things which need to be looked at when taking out a Property Owners insurance policy, like what type of tenant you will be renting the property to, the area in which the property is situated, the amount of No Claims Bonus and also the amount of excess on the policy that you will be responsible for, in the event of a claim.

The main things that should be looked at to cover under the policy are:

Buildings The property should be insured for the full rebuilding cost, including domestic outbuildings, gates and walls. You should also take into account, architects fees and debris removal.

Landlords Contents. You are not responsible for covering the tenants contents, but if you have your own contents in the property, i.e. carpets, curtains, blinds, furniture etc, you may wish to insure them under the policy.

Public Liability. All policies should include public liability. This is very important, and will cover you in the event, for example, of a tenant being injured whilst in your property, and you can be found liable.

Loss of Rent. If the property becomes inhabitable due to an insured peril, e.g. a fire in the property, and it cannot be rented out for say a six month period, you will lose out on the rental income you would have had. Loss of rent cover ensures that you are paid the same amount, had your property not had that fire.

As insurance brokers with many years experience in the property owner’s insurance market, our Account Executives at BB Insure Ltd are able to offer tailor-made insurance policies, which will enable you to stop worrying about what might happen, and concentrate on getting the best from your investment

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