What is landlord protection insurance?

When you decide to invest in a property, you place a considerable proportion of the money you own into one place. Ideally this would not be your only investment, for the reasons inherent in the old saying ‘don’t put all your eggs in one basket’. If it is, though, one small mistake on the part of a tenant or even a freak weather phenomenon could wipe out everything you have stashed away. Less serious incidents can prevent you from earning an income for your property.

Thankfully, the above risks led to the development of landlord protection insurance. This type of policy can put your mind at ease about the threats to your investment. Most policies cover you in case of damage to your property from a variety of sources. Comprehensive cover will pay out in every scenario not specifically excluded by the policy. Peril policies are the opposite – they cover only the risks mentioned by the agreement. The beauty of landlord protection insurance, however, is that often you are not only covered for the damage, but also for loss of earnings.

Legal problems between tenants and landlords can get expensive very quickly. Most landlord protection insurance will cover legal fees related to this. If the tenants are unable to pay and default on the rent, some insurers will pay out for this too. In the event that your property is damaged to a point at which is rendered uninhabitable, many policies will not only pay for the repairs to the property but also cover the rent for an agreed period.

As with any document concerning a legal agreement, landlord protection insurance policies must be gone through with a fine-tooth comb before you sign. The details of what is and isn’t included, as well as the price and length of cover are all things that should be understood fully. There is a large variety of different types of cover available – make sure you choose the best for you.

Landlords property insurance – is it worth the cost?

If you are considering renting out a property you own, you should be thinking about taking out landlords property insurance. If you are renting out your property in order to raise some much-needed cash – as many people are doing, in these tough economic times – you may think purchasing landlords property insurance is illogical. After all, you are trying to earn more, not spend more! But in reality, it is probably a worthwhile cost – here’s why.

Landlords insurance will financially protect you if there is an unexpected incident at your property. This could be a fire, flood or incident of burglary. It may be that one of your tenants has left the property without paying their rent. If you are unable to let your property for any length of time because it is damaged, insurance can help you here too. It is obvious that events like these (which could potentially happen at any time, to anyone) will have large costs. Renting out a property without insurance leaves you at risk of being left to pay these.

So whilst paying out for landlords insurance is a regular cost you would rather not be paying, it helps you avoid being left with hefty bills that could leave a massive dent in your finances.

Sometimes, various aspects of landlords insurance aren’t worth the cost. For instance, there is little point in paying for contents cover if your property is sparsely furnished.

But in most cases, insurance can be of great help. It is better to be safe than sorry when it comes to your finances. Landlords property insurance is definitely worth the cost. It is possible to find a cheap quote for insurance using online comparison sites, or by contacting your current home insurance provider.

Claiming on your landlords building insurance

When you’re a landlord, the peace of mind offered by landlords buildings insurance is worth a lot. Choosing your package well and keeping your insurers as up-to-date as possible, therefore, is crucial. With this done, you can relax in the knowledge that if something happens, your investment is safe. What do you do, then, when that ‘something’ happens?

People are often apprehensive about making a claim on their landlords buildings insurance. They may have heard stories regarding difficult staff or technical loopholes being used to deny payment. More often than not, these tales are from times long past. Nowadays, statistics show that the overwhelming majority of claims are dealt with quickly and efficiently, satisfying the customer – you. Don’t hesitate if you think you have a valid claim. Get in touch with your insurers as soon as possible, avoiding the front-line staff and lodge your claim in writing.

If you are unfortunate enough to experience damage to your property, the first thing to do is notify the police. They will give you a claim number which will make your claim verifiable. Once you have this number, contact your insurers. Get hold of a claim form and get it back to them as quickly as possible, with any evidence you have. You must also describe what happened leading up to the event and it’s also worth explaining what you’re doing to stop it happening again.

In claims that are above a certain limit, set by your company, a loss assessor may be dispatched to take details and assess damage. They report back to your insurance company to give their opinion on what action should be taken – repair, replacement or cash settlement.

As a final point, beware of making claims for very small losses. Any claim on your record can influence your premiums. If you don’t take steps after a claim to prevent a similar event happening again, this can also end up costing you more. When you do have a claim that’s worth making though, don’t hesitate – get in touch with your insurers and get the money you’re owed.

The process of getting landlords insurance quotes worth considering

If you are renting out a property (or a number of properties) you own, you should take out suitable landlords insurance. Like all kinds of insurance, it protects you financially if anything goes wrong. To avoid the risk of being landed with some hefty bills, look for some landlords insurance today. Landlords insurance quotes can be found from a number of places.

To get an idea of how much your insurance is likely to cost, you could search on the Internet. Most insurance providers have websites from which you can receive a quote. You will be asked for a number of details, including the address of your property, who you will be renting the property out to and what kind of cover you would like. Even though having an insurance policy that protects you against only one danger (for instance, theft) is cheap, you should opt for a policy that protects against a number of aspects. These should include fire and theft, public liability, loss of rent and contents cover.

Once you’ve established a realistic price, you should use a comparison website to find the cheapest landlords insurance quotes. Most insurance companies will be available on these websites. However, you should always look at the provider’s independent website too, to ensure the price is still valid.

It is worth contacting your current home insurance provider for a landlords insurance quote. As you are already a customer, they may be willing to provide the insurance at a discounted price.

Most importantly, when comparing landlords insurance quotes: read the small print carefully. Many insurance providers charge you large excesses or additional costs that you would not expect. Make sure you are getting a valid deal that will provide full financial protection, even if it does mean paying slightly more.

Landlords rent insurances – what does it include?

Landlords insurance can cover a number of different areas in which a problem could arise. One of these is loss of rent. Thousands of landlords each year in the UK find themselves victims to tenants who don’t pay. If you rent out a property – or a number of properties – losing your rent could create a number of potential financial problems. For this reason, you should take out landlords rent insurance.

Landlords rent insurances covers for a variety of possible situations (all of which involve the loss of rent in one way or another). However, some insurance policies will not include all of these as standard. You must carefully read the terms and conditions of any policy before choosing it.

Typically, landlords rent insurance includes protection that comes into play when a tenant leaves your property without paying what they owe. It is sometimes impossible to track them down after they have left. After informing the police of the incident, you should contact your insurance company to claim back the rent they should have paid.

If a tenant is constantly making their rent payments late (or simply isn’t paying them at all) you may need to enlist legal help to evict them. Rent insurance will cover any legal costs you incur in this process. Some insurance companies will pay a reduced rate of rent for a period of time until you are able to find a new tenant.

If your property is damaged, and you are unable to let it, landlords rent insurance can help with the loss of rent. Usually, companies will pay out for a number of months; they will specify how many in the policy, so you should check this. Always opt for an insurance policy that is good value and covers your circumstances.

Landlords liability insurance explained

UK property owners often choose to rent out their properties when they are not in use, in order to make some extra cash. Those who do so are strongly advised to take out landlords insurance. This provides financial protection in the event that something goes wrong with the property.

There are a number of different types of landlords insurance. Although it is best to have all possibilities covered, some landlords will choose to cover themselves in only some areas, to save some money. One such area is liability (or, as it is also known, public liability).

Liability insurance is there to protect the landlord in a situation where they are found at fault for something that has gone wrong with the property. Usually, it is used when a tenant is injured whilst in the property. They may take the case to court in order to receive compensation, and the landlord could be found guilty of negligence to the property. The landlord will be made to pay compensation to the tenant, and may also have to pay a fine. However, if they have public liability insurance, they are able to claim these costs on their insurance cover.

It should still be noted, however, that having liability insurance doesn’t make it acceptable to neglect a property. It is true the landlord will be protected financially against any applicable fines. But there could be other legal implications; for instance, the landlord may be banned from renting out properties in the future. This will probably be the case if they are found guilty of negligence in a number of cases. Their reputation as a landlord is also likely to suffer.

It is still a sensible idea to take out liability insurance – no matter how vigilant you are, one-off incidents are always possible.

Protect yourself with landlords rent guarantee insurance

Failed rent payment is a rising problem for landlords; more and more tenants are finding themselves able to leave properties they have rented without paying what they owe. Some, who find themselves in financial difficulties, will remain living in the property whilst making their rent payments late – or not paying them at all. It is often hard to evict them if they refuse to leave; the last thing you want to do is put yourself in potential danger if your tenant does this.

Thankfully, there is a way to protect against loss of rent. Rent guarantee insurance is provided by a number of insurance companies. It will protect you financially if, for whatever reason, you lose your rent. If you are currently letting out a property, or you have a portfolio of properties, it is highly recommended you take out rent guarantee insurance.

In most cases, the insurance will help when a tenant leaves your property without paying their rent. You will be able to claim what they owe on your insurance. Of course, you should still contact the police, as your former tenant has committed an illegal offence.

If you would like to evict your tenant (and they refuse, for whatever reason, to leave) your insurance will cover any legal costs. In many cases, it is necessary for landlords to take legal action. You definitely shouldn’t try to evict them by force, even though their actions are wrong – you could find yourself in trouble with the police, or get physically hurt yourself. Some insurance companies will pay your rental rate until you find a new tenant.

When looking for landlords rent guarantee insurance, make sure you carefully check what the policy includes. Ideally, you should opt for cover that protects you in a variety of common problematic situations.

Landlords house insurance: Your legal obligations for gas and electricity

Landlords house insurance protects you against unwanted mishaps, but it is important to remember that you do have some legal obligations for all of your properties. This is to safeguard the wellbeing of your tenants and to ensure that the properties you lease remain in a tenable position. In this post, we are going to briefly review the things you are obliged to do with regards to gas and electrical appliances.

First of all, you need to ensure that you keep a track of the gas and electricity usage in your household. All of the gas-based appliances must be verified for safety purposes every 12 months, and they must be maintained in between these checks. You need to keep all gas-related records for two years, and when a tenancy ends, you must do a brand-new check of the property’s appliances before re-leasing.

Ensuring that every electrical product or appliance is not defective is a vital part of your job as a landlord, and landlords house insurance may not cover you should you not fulfil your responsibilities. Make sure you keep track of all of the times you monitor the electrical products, and if you discover that there are defective or faulty products, make sure that they are removed from the house straight away. This will ensure that the safety of your tenants comes first. Some of the time, your landlords house insurance will cover the cost of replacements if you make a claim.

With being a landlord comes responsibilities, and to guarantee that you have satisfied tenants who will always want to remain in your property and renew their agreements, make sure that you look after your property. Being a landlord is an investment, and by fulfilling your duties, you could benefit financially and prevent the need to use your insurance and pay an excess.