Protect Your Property – How Comprehensive is Your Landlord Insurance?

With repairs, maintenance and tenant safety to consider, landlords responsibilities can add up very quickly. With so much to look after, it is easy to forget to look after yourself. One of the most responsible things a landlord can do for him or herself is find the right landlord insurance. Unlike simple home insurance, there are many more areas that need to be considered. This is a guide to finding the best insurance for you.

Contents Insurance

Anyone with home insurance knows the importance of covering contents: your furniture, electronics and valuables. However, depending on your circumstances as a landlord, you may not need much, if any, content insurance at all.  If you are letting a property advertised as furnished or part-furnished, it is essential to protect yourself in the case of that property and the items that come with it get damaged.

Of course, if you have recently bought something, you won’t want to have to pay in full to replace it soon after. But further to this, if you have made agreements with tenants about what furnishings will be provided then having the right contents cover will ensure you can quickly replace items you have agreed to leave in the property should they be damaged.

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Landlord Liability Insurance

Landlords can be liable for injuries sustained by tenants or even visitors.  Making sure your insurance policy contains liability insurance can save you paying for expensive legal costs if tenants decide to make a case against you.  Citizens Advice Bureau has information on exactly what a landlords responsibilities are in relation to their tenants.

Rent Guarantee Insurance

A Paragon Mortgages survey found that the average void period for rented properties has dropped to 2.7 weeks. Even so, many landlords, especially in less popular areas, find it prudent to include a rent guarantee in their insurance policy. A rent guarantee ensures that you will keep receiving an income from your property even if you are having a hard time finding suitable tenants between occupancies.

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Discounts for Large Property Portfolios

If you own several properties, you may able to negotiate a discount on your insurance – similar to a multi-car insurance scheme. Shopping around for such deals could save you a lot of money, especially if you own several similar properties, requiring similar coverage.

Using the same insurer for all your properties also sets you up in a strong negotiating position when it comes to receiving a quality service from your insurer. The above are some of the key things to think about when choosing your landlord insurance. A specialist landlord insurance provider such as UK Insurancenet  will be able to offer a comprehensive insurance including all of the above features. There are also more modular packages out there, allowing you to trade off some features for a cheaper premium.  As always, shop around for the best deal.

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