Do you really need specialist landlords insurance?
One of the most common questions we get asked when we are on valuations is- what insurance do I need? Many landlords do not realise that their current homeowner level of insurance is not enough and that if they made a claim they would not get any money because they haven’t informed their insurance company the property is tenanted. In fact, over a quarter of landlords are reported to have the wrong type of insurance in place, or more alarmingly- none at all.
To put this into perspective- please read the following article as an example of how the wrong type of cover can have disastrous effects:
So- what types of cover should landlords have in place? Please be aware different insurers will lump these into 1 policy and others will have them as add ons or not at all- always check the small print to see what is and isn’t included:
- Landlords building insurance- This will cover the rebuilding costs should you have a fire or flood.
- Landlord’s contents insurance- This covers any furnishings in the property and even if the property is unfurnished it covers carpets and curtains.
- Landlords liability- To protect you against claims made by the tenant for personal injury to themselves or visitors
- Malicious damage by tenants- To cover you against damage caused to the property by tenants
- Loss of rent- If the property becomes uninhabitable then this will cover the lost rent. This is particularly important if you have a mortgage on the property.
- Void period insurance- To protect your property if ever there any void periods.
- Legal expenses- To cover you against any disputes with the tenant, squatters and repossessing the property.
- Home emergency cover- To cover the cost of any emergency repairs such burst pipes, break in’s etc.
As you can see there are many areas of cover to take into consideration to give you the best possible protection. If you would like a specialist landlord insurance quote, then please contact us to arrange this on us a call on 0121 445 7410 or email email@example.com.
Robert Oulsnam and Company Limited are not authorised by the Financial Conduct Authority. However, we are included on the register maintained by the Financial Conduct Authority so that we can carry on insurance mediation activity, which is broadly advising on, selling and administration of insurance contact. This part of our business, including arrangements for complaints or redress if something goes wrong is regulated by RICS.