Landlord contents only insurance FAQs

Before you invest in landlord contents only insurance, you are bound to have some questions that you would like the answer to. Here are a few of the frequently asked questions about landlord contents only insurance.

What does the contents insurance cover? Contents insurance is a part of your policy that covers the furnishings and appliances the landlord owns. These belongings are usually covered against fire and water damage as well as other potential risks such as theft and malicious damage. Some policies may also cover you against accidental damage by the tenant.

Does contents only insurance cover my property? No. Contents only insurance will only provide cover the external furnishings and appliances. If you want insurance cover for the property itself, you will need to invest in buildings insurance.

Does landlord contents only insurance cover my tenant’s belongings? This type of insurance coverage does not cover the belongings that your tenant brings into the property. If you require your tenant’s contents to be protected, you will have to add tenant’s contents cover to you policy. This will protect all of their belongings from damage or theft.

Will landlord contents only insurance cover fixtures and fittings? Insurance companies do offer cover for fixtures and fittings, however this is not included in the contents insurance. Should you requires such items as satellite dishes or fixed glass to be covered by your insurance policy, this will often fall under buildings insurance.

What happens to my insurance cover if my tenants move out? In the event of your tenants moving out, insurance companies will have stated within a clause of your policy how long the property can remain unoccupied for before the cover is stopped. This can range from 30 days to 90 days; it all depends on what you have arranged with your insurance company when you were agreeing the terms of your policy.

Landlord contents insurance: Don’t just renew your current policy

When you have invested in a landlord contents insurance policy, it can be tempting to simply renew it before it expires. As normal as this seems, it is strongly advised that you do a spot of research first to find out what other insurance offers are available. So why exactly should you avoid heading straight for a policy renewal?

The most obvious thing to consider is that different insurance companies will offer different prices. It is important that you are taking advantage of the competitive insurance rates. You could see yourself receiving a cheaper insurance deal by setting up a policy with a new company.

In a similar fashion, you may be able to make the most out of any discounts that are offered when you sign up for a new policy with a new insurance company. There are often discounts available to new customers when you buy your landlords contents insurance from. This means you could see yourself getting the same coverage for a lower price.

You should also take into account that you may find a new policy that gives you better coverage. Most insurance companies will offer the basics with your policy but there may be fluctuations in what the policy covers and such things as claim allowances. For example, you may receive more extensive cover or a higher limit on what the company are prepared to pay out in the event of a claim.

The same thing applies to features like excess charges. You may find an insurance company that have lower excess charges than that of the company you are currently insured by.

It is recommended that you are always comparing and contrasting insurance offers before you commit to a policy renewal with your existing company. Keeping yourself aware of the other available offers is the best way of ensuring you receive the best policy for your money.

Landlord insurance rates explained

The landlord insurance rate is a factor that is used to decide how much you will be charged for a particular amount of insurance coverage. This is called the insurance premium, and it’s something you should understand when it comes to taking out landlord insurance to protect you and your business from expensive payouts and potential legal battles.

The insurance premium is the amount of money that you will be charged by your insurance company for the active coverage. A premium for the same kind of landlord insurance will be hugely different from one insurance company to another, meaning that it’s important for you to shop around and check out a variety of insurers. Before making any commitments, you should always ensure that you’ve performed the right research and know what you’re looking for. The insurance rates might be an important part of the deal, but without knowing what it is that you actually need, you can’t be all that sure that you’re actually getting a good deal.

Insurance agents will be able to provide you with an estimate for your insurance premium by taking some of your basic details, as well as information about your property. They’ll also be able to answer some question about the contract, and keep you advised about your best options.

Remember, however, that just because a quote may appear with a lower insurance premium, or rate, than another – it’s not necessarily better. The level or even quality of the cover might be different! Furthermore, you might have to pay a larger amount of excess with claims, with the quote that is significantly less costly.

By knowing some of the most basic information about rates and insurance quotes, you can ensure you’re not ripped off, and you get everything you need when obtaining your landlord insurance.

Landlords household insurance: The responsibility you have for furnishings and repairs

We all know that when we have tenants in our properties, it isn’t always easy to ensure that everything remains shipshape. However, as stipulated by many landlords household insurance providers, you are legally obliged to take care of furnishings and any repairs that might be needed to the exterior of the house in your role as landlord. In this post, we are going to outline what these responsibilities are.

Firstly, the law states that all of the furnishings within the properties you lease must be fire resistant, especially if they are going to be used by children. Beds of all shapes and sizes and any furniture used by children in a playroom need to be double-checked and verified for safety. What’s more, the cushions, throws and pillows in your house, in addition to garden furnishings outside, must be checked to ensure that they would not spread a fire.

These laws do not apply to some furnishings like carpets and the light throws which may go over a mattress. You should always ensure that you are working within the law to prevent a fine of up to £5,000 or imprisonment in serious circumstances.

You also need to ensure that you keep a track of any repairs that you make to your property. It is your responsibility to ensure that gutters and other pipes on the outside of the house are repaired whenever necessary, and you may be contacted by a tenant when such a need arises. In addition, you must ensure that all utilities including access to gas, electricity, clean water and sanitation facilities remain functional during a tenancy. Also, access to hot water must still be possible, in addition to central heating or another kind of system.

Landlords insurance: Factors to consider if you need to make a claim

Having to make a claim can be a traumatic experience dependent on the circumstances that surround loss or damage on your property. In this article, we are going to outline the things that are normally expected by landlords insurance providers before you contact them.

If one of your tenants suffered a break in, it will be a traumatic experience for them. You also may have lost items such as furnishings, or your property could have sustained broken windows during the incident. In this case, before you ring your insurer, it’s vital to contact your local police department and to obtain a unique crime reference number. This code ensures that your loss has been noted.

Keeping your policy documents handy is important if you do need to make a claim, because you will need to reference these when contacting your landlords insurance provider. They will tell you whether the claims you wish to make are covered in your policy, and if this is the case, most insurers will begin the process of reimbursing you immediately.

Unfortunately, for more substantial claims, it is important for a more thorough investigation into the incident to be required, and so a member of staff from a landlord insurance company, such as a loss adjuster specialist, may have to visit you at the property for a closer look at the damage. This can be advantageous because it gives a more accurate estimation of the claims you need to make, and it can be easy to underestimate the things you would have lost.

You will normally be given a dedicated adviser who will be there for you throughout the entire process of making a claim, ensuring that you benefit from all of the support required. It can be a traumatic time, but it is important to ensure that you get back on your feet soon enough.