Types of residential landlord insurance policies

Those who are landlords and landladies will know the importance of having good insurance cover when renting out a property. Whether you have hundreds of properties, or are simply renting out your outhouse, you need to be covered in the event of an unexpected incident. Insurance can protect you financially if your property is in some way damaged. There are many different types of residential landlord insurance policies.

Perhaps the most used insurance is that which protects against loss of rent. If a tenant fails to pay their rent, and leaves the property without notifying you, so you can no longer contact them, you can claim the rent back on your insurance. This type of insurance can also help if your property becomes damaged and therefore uninhabitable for a period of time.

Most sensible landlords take out public liability insurance. This provides financial protection if a tenant gets injured whilst in your property, and you are found guilty of negligence. In the event that the tenant successfully sues you, your public liability insurance will deal with the financial costs of this.

Buildings insurance can help you financially if your property is damaged in any way. Typically, it covers you if there is a fire, a flood or a windstorm. A number of other risks can also be insured against; if there are any that are significant to your property in particular, it is wise to take out an insurance policy that protects against that risk.

Another popular type of residential landlord insurance policy is contents insurance. This insures you if any items (such as furniture) within the property were to be stolen or damaged. If you have a well-furnished property, or a number of expensive items, it is advisable to take out contents insurance.

What makes student landlord insurance different?

If you own a property and plan to rent it out to students, it is advisable you take out student landlord insurance. This will help protect you financially if there is any problem with your property – for instance, if there is a fire, flood or burglary. Student landlord insurance can also help if items in your property get damaged, or if a student gets injured whilst in your property.

Student landlord insurance differs from standard landlord insurance in that it is typically more expensive. This is because students don’t make reliable tenants – they are more likely to cause damage to the property, or be irresponsible by (or example) leaving the door unlocked by accident. Therefore, the insurance company is taking a higher risk, so must charge more to make up for this. Of course, it is still possible to get a good deal on insurance if you shop around – look at companies online, possible using insurance comparison websites.

Landlord insurance for students usually provides cover for loss of rent as standard, as students can easily run short if money and be unable to pay. As well as this, they won’t be familiar with running a household, so may be lax with security. The student lifestyle of today could make the property prone to damage from teenage parties, another risk insurance companies must consider.

Some companies specialise in providing student landlord insurance. Getting insurance from providers like these is often cheaper, so be sure to check them out. Your landlord insurance will still cover the basics – cover against property damage through flood, storm or fire, theft, loss of rent and contents insurance. It is important to ensure all of these aspects are catered for. You don’t want to find yourself in a position where you don’t have the right protection when an incident takes place.

What should simple landlords insurance include?

Questions to ask yourself if you need insurance for buy to let properties

When letting a property, it’s important to ensure that if anything goes wrong, it can be fixed. You can’t leave anything to chance, especially if the property is there as a primary source of income for you. Suddenly losing tenants, or facing huge costs due to damage or your legal liability for injury, could be problematic. Hence, one of the first questions to ask yourself if you need insurance for buy to let properties is if you can survive financially if you suddenly lose income on the property.

Whether you’re the landlord of many properties, or just one or two, you need to make sure you’re covered for any potential loss of income. Without an insurance policy, you could essentially lose your whole income due to damage. If your property is unusable, and you can’t afford to fix it, then you will not be receiving any kind of income in the near future. Hence, an insurance policy would stop this from occurring.

Another thing to ask yourself is this: ‘What kind of insurance do I need?’ For a landlord that is renting out property without any inner furnishings and fittings, then a completely different kind of insurance will be required. If you, as a landlord, are expecting your tenant to furnish the property themselves, then it is not your responsibility to pay out for content insurance. Why? Because you don’t own the contents.

If, however, you are renting out a fully-furnished property, then you need to ensure you have contents insurance. Otherwise, you’ll be taking a really rather large risk. Should the property be damaged by burglary or a fire, you will be responsible for the replacement of the furniture for the sake and comfort of your tenants. Otherwise, you’ll probably lose them.

Questions to ask yourself if you need insurance for buy to let properties

When letting a property, it’s important to ensure that if anything goes wrong, it can be fixed. You can’t leave anything to chance, especially if the property is there as a primary source of income for you. Suddenly losing tenants, or facing huge costs due to damage or your legal liability for injury, could be problematic. Hence, one of the first questions to ask yourself if you need insurance for buy to let properties is if you can survive financially if you suddenly lose income on the property.

Whether you’re the landlord of many properties, or just one or two, you need to make sure you’re covered for any potential loss of income. Without an insurance policy, you could essentially lose your whole income due to damage. If your property is unusable, and you can’t afford to fix it, then you will not be receiving any kind of income in the near future. Hence, an insurance policy would stop this from occurring.

Another thing to ask yourself is this: ‘What kind of insurance do I need?’ For a landlord that is renting out property without any inner furnishings and fittings, then a completely different kind of insurance will be required. If you, as a landlord, are expecting your tenant to furnish the property themselves, then it is not your responsibility to pay out for content insurance. Why? Because you don’t own the contents.

If, however, you are renting out a fully-furnished property, then you need to ensure you have contents insurance. Otherwise, you’ll be taking a really rather large risk. Should the property be damaged by burglary or a fire, you will be responsible for the replacement of the furniture for the sake and comfort of your tenants. Otherwise, you’ll probably lose them.

Types of special offers on house insurance for landlords available

Landlord insurance, despite similarities, is not the same as home insurance. Normal home insurance is designed just for those who own a property and live in it themselves, or rent a property. For those who let a property, however, landlord insurance is necessary. Just like other forms of insurance, you’ll be able to obtain a range of offers.

Nearly every insurer out there will be keen to give you their own version of landlord insurance, and present to you a range of special offers on house insurance for landlords. It’s up to you to decide which one offers the most for your money, and which company you feel you can trust the most to pay up when you need compensation.

When you do get your house insurance for landlords, however, you will be provided with the essentials. The essentials include a wide range of protection, which will include building cover as well as public and property owners’ liability up to a given amount of money. You will also be offered protection for the event that your tenant claims something against you, for the likes of an injury. Of course, this will only require your insurance policy details if you are actually legally liable.

But on top of this, and other basic policy details, you will be offered a range of special offers. Of course, it depends on the agency that you use, but you can choose to have special offers like the inclusion of employers’ liability within your policy. This is protection in the event that an employee will claim against you, just like a tenant. You might even be provided with a special offer on the price of your contents insurance, which covers the cost of everything inside of the property as well.

Landlord buildings and contents insurance: How to deal with difficult tenants

Whilst landlord buildings and contents insurance is beneficial to you and your business, and can mean that you don’t have to pay excessive amounts of cash. However, some problems can’t always be solved by getting new insurance. Problem tenants can cause a number of issues, and the only way landlord buildings and contents insurance can help is if it the correct policy is there in the first place.

The first thing you need to do is remain professional. It’s incredibly important to remain professional with all your dealings with your tenant, and despite tension or unpleasant exchanges with your tenant, you will never be in the wrong so long as you have acted appropriately, and remained professional with your tenant. Even if they’re rude, it’s a matter of business – not personal attacks.

You need to remain aware, too. You should always visit your property on a regular basis, in order to keep on top of any necessary maintenance, or neighbour-related problems. By ensuring that you visit often, you can deal with problems as they arise, and not let them escalate into complicated and hard to deal with issues. Do remember, however, that if you are going to visit the property then you need to give your tenant reasonable notice. This is usually around 24 hours.

You must also keep accurate records. This is really important. You should always keep a detailed account of financial or legal transactions that have taken place between you and your tenant, as well as a record of both formal and informal correspondence between you both.

Finally, make sure you maintain good relations with your tenant. This can ensure that things run more smoothly in the future, and your tenant will be less inclined to ‘pick a fight’ over miniscule problems.

Landlord building insurance UK: Top legal tips for a successful policy

When taking out landlord building insurance UK, there are a number of legal tips for a successful policy. Keep these tips in mind and you can be sure to get the right policy, and keep your property insured at the right level for the foreseeable future.

The first thing to do is look at the total overall policy, and not just the initial cost. Legally, you will be fine to take out a minimum level policy, but is this what you want? Just because a basic form of insurance will provide you with a cheaper deal doesn’t mean that you’ll be better off. Just because you’re saving money in the short term does not mean that you will remain financially prosperous. Instead, you will suffer from large expenses in the future when things begin to go wrong.

You must look at everything the policy covers, consider the cost and then decide whether both of these things fit your criteria. Is everything you need to be covered actually covered in this policy? And if so, is it at a sensible price? If it’s too expensive, then you need to shop around. If it’s still too expensive, then the chances are it’s not a sensible idea to start up. You can’t do without a good level of insurance!

So, shopping around is of benefit. But you should also ensure that you shop around at regular intervals. Some policies will have an end date, and some policies won’t. You should ensure that you shop around during renewal time, or at regular intervals if you’re looking for a monthly policy. This is because new insurers are being created all of the time, and they’ll all be attempting to steal each other’s business. Make sure you’re just as smart as they are!