If you have decided to begin renting a property you own to tenants, then you will have to begin shopping for landlord insurance. A standard home insurance policy is not a suitable form of cover and you will need to look into purchasing landlord insurance in order to cover the building and everything it in. So: how do you buy landlord insurance?
You should take into account several factors that will contribute to the cost of your landlord insurance. Such detail as the age of the property and its location will be taken into account when totalling the cost of your premiums. It is also likely that companies will review how many claims you have made in the past, as well as calculating the total cost of damages in the event of a complete loss. Providers will even review the type of tenants that will be staying in your property and how they may affect it.
To begin, you’ll have to buy buildings insurance. This type of policy will cover things like the infrastructure of the property, the utilities and any surrounding features, such as a garden. If you have this, you are ensuring that any damage that occurs to your property as a result of adverse weather conditions or careless tenants will be covered.
The second component of your landlord insurance is the contents cover. This area will protect the items and materials that are external from the building, like furniture and electronics. Accidents do happen and it’s important that you are adequately prepared to deal with them when they occur.
There are a number of websites for insurance providers as well as online comparative sites for you to find the best deal. Make sure you are shopping around and frequently comparing the different options available to make sure you are getting the best policy for your money.