What to look for in the best landlords insurance policies available

Both experienced landlords and first-time buyers will always be looking for the best landlord insurance policies available. A quick Internet search should deliver you with a series of quotes and potential deals for you to compare. However, what should you look for in a good landlords insurance policy?

Naturally, you will want a policy that provides the cover you need for a price you can afford. When you are shopping online for your policy, make sure you take into account the entire cost rather than the initial charges. Too few excess charges will increase the overall premium, so it is important that you negotiate all the features you want from your policy first.

The best landlords insurance policies should include a loss of rent insurance. If your property should be damaged to the extent that you are losing the income of rent that you would normally take. A good policy will provide you with the financial support to get you through any difficult times.

Similarly, a good landlord insurance policy should give you cover for any accidental damages. Even if you are taking great care of your building as the landlord, you can’t control the accidental damages inflicted by tenants or the weather conditions. Having this sort of cover is a great way of putting your mind at ease about accidental damages.

The best landlord insurance policies should ensure that you are covered for all types of tenant. As a landlord, you don’t get to control who wants to rent your property, so it’s good to have a policy that is prepared to cater for all types of people from all walks of life; making sure that you can get the income no matter who is paying the rent.

When shopping for your quote, remember that the best landlord insurance policies should offer overall cover for each potential problem you could face as a landlord.

How to find budget landlord insurance

As a landlord, you want to make sure your property and source of income is covered against all the problems you may face. There are so many policies available and sometimes it’s very difficult to find budget landlord insurance, but it can be done. How can you find budget landlord insurance cover for your property?

The first thing you need to do is frequently and persistently search online. A simple Internet search can unveil all sorts of deals and quotes that you can cross compare in order to get yourself the cover you need. There are also a number of websites that give you a comprehensive collection of all the quotes available.

By shopping for your insurance deals online, you should automatically save yourself some money through online discount. Many companies offer discounted prices for their policies based on the fact that you have found them online.

Another way to get budget landlord insurance is if you are a returning customer. Some companies will offer a discount on your policy premium from the previous year if you renew with them when it ends. The discount sometimes increases if you buy both buildings and contents cover.

It is also a useful idea to insure multiple buildings at once. This is because some companies offer a multi buy discount for customers who are insuring one or more property. If you have more than one property that you need to insure, then it makes sense to take advantage of any additional discount that you can receive by insuring them all at once.

Remember, it is a legal requirement from insurance companies to provide you with a key fact sheet about their policy and there is nothing to stop you from collecting quotes. Shopping around and frequently comparing is the best way to ensure that you are getting the budget landlord insurance that you want.

Facts about buildings insurance for buy to let

If you are a landlord and own a property, it could be in your best interests to look into purchasing buildings insurance for buy to let. There are a number of facts surrounding the idea of owning buildings insurance, so what are they and what do they mean?

The first thing to consider is that – although it may be in your best interests – purchasing buildings insurance is not required by law. Nevertheless, if your property that you are letting is under a buy to let mortgage, full buildings insurance is most likely going to be necessary.

Purchasing buildings insurance for buy to let does not cover the items and materials that are separate to the building and its foundations. If you require contents cover for the property you are renting, you will have to purchase buy to let contents insurance separately.

Buildings insurance can offer you a great degree of protection from the potential accidents that can occur as a result of infringements on health and safety. As a landlord, it is your responsibility to ensure that your building is safe for tenants, visitors and even passers-by.

If any accident or injury occurs and the quality of health and safety of your building is judged to be the cause, this could spell significant financial difficulty. Having buildings insurance can assist you in covering not only the legal expenses, but in preventing the problem from ever occurring in the first place.

The final fact that you should know about buildings insurance for buy to let is that it does not cover an empty building. By definition in the insurance world, an empty building is a property that is unoccupied for a period of consecutive days. This time limit will be determined by your provider. As a result of this, it may be important for you to look into the purchase of unoccupied property insurance.

Always consider every possible problem when shopping for buildings insurance to ensure that you are prepared for the unexpected.

Buildings insurance for landlords: FAQs

Whether you are an experienced landlord or someone who is new to renting out properties, there may be some questions that you want answered. Here is a compilation of the some of the frequently asked questions about buildings insurance for landlords.

Do I have to have building insurance to rent my property out? The short answer is no. Buildings insurance is not compulsory by law. Nevertheless, it is strongly advised that you invest in some form of cover in the event of a difficult situation arising. One of the biggest reasons for having buildings insurance is that it comes with public liability insurance. This means that any accidents or injuries that occur on your property will be covered by your insurance. You have to ask yourself – do you think you are financially capable of paying for the damages? If the answer is no, then buildings insurance is a must have.

Do I need to have a special type of buildings insurance as a landlord? Buildings insurance for landlords is different to the standard buildings insurance policies. If you are letting your property, a standard policy will decline any claims that you make. Make sure you purchase the insurance that is tailored for landlords who are renting their properties out to tenants to ensure you don’t experience problems.

Can I get buildings insurance if my property to let is empty? This scenario is quite difficult because many companies will refuse to cover an empty property. The loose definition of an empty property is one that is unoccupied for a certain period of consecutive days. For example, some companies will decline you a policy if your property has been vacant for 30 consecutive days. Nevertheless, if you heighten the intensity of your search, you are bound to find a provider that is prepared to cater for empty properties for a longer period of time.