Are you a first time buyer of landlords insurance? Best way to look out for several insurance policies related landlord and to obtain a best deal at an attractive cost is with the help of an expert broker. Understanding the terms of each of these policies is essential in order to know what all does these landlord insurance policies cover.
Remember, that in times of a calamity, if you are insured against landlord building and content insurance and you want to make a claim for the damage caused, you should have an inventory, a list of all the things that are missing or damaged in your house. It’s better to prepare them before hand, as you will not be in a position to recall all items at home, while you are stressed out. If possible, take a video of all the inventories at home, but if your inventory and video also gets damaged in the event, then, you will have to recall it yourself. So, keep your video tape or the inventory list in place other than your house, with this you can retrieve back your items if it goes in flames. A landlord building and content insurance covers your exterior part of the building and content covers items within your house.
Are you pondering over certain questions like these. Experts find answers to your queries:
Are tenants contents insured against landlord’s insurance policy?
Not at all. Landlord content insurance policy covers only the landlord’s items, contents that he owns and has offered a furnished building to a tenant. Any items other than the landlord’s in the house, will not be insured. Sofas, chairs, tables and other valuable items owned by the landlord which may be used by the tenant who’s living in this house will be insured, so damages to the landlord’s assets will be properly compensated. A tenant has to avail a different insurance to cover his own items.
Can I buy a normal insurance for a buy to let property?
As you are renting out your property to a tenant, it is considered commercial and will be covered under business insurance, rather than landlord building insurance and you become liable to this. The amount you get from your tenant may be less, but it is still considered as a business property. YOU have certain legal responsibilities towards your tenants in a way that you do not have for your own home.