subject: Landlord insurance offers cover for the owners of properties [print this page] Landlord insurance offers cover for the owners of properties
Knowing the type and level of insurance cover to take out is important in any situation where cover is necessary. If you are a landlord, then taking out the correct landlord insurance policy for your property is essential.
Landlord insurance offers cover for the owners of properties who rent out their building to tenants so that they can make a profit. There are two main types of cover which can be taken out other than the basic landlord insurance policy; landlord building insurance, which protects the property itself and landlord contents insurance, which covers any property owned by the landlord which is kept in the property.
It is generally advised that landlords take out landlord building insurance as standard. This is essential not only for the protection of property against damage caused by vandalism, theft, flood or fire, but also against any possible damages which might be caused by tenants.
Landlord insurance is also used to protect landlords from personal injury claims made by tenants or visitors to the property who may have been injured in some way. There are other claims besides these which can be taken out against landlords, so it is advisable to take out some form of general liability policy. Defending against these claims can become particularly costly and can prevent the landlord from being able to run the property effectively, so it is a good idea to take out landlord building insurance, as this will also be of assistance in the event of a personal injury claim.
Landlord contents insurance is also highly advisable, as this will cover any effects which are kept in the property such as furniture or electrical appliances against theft or damage. Landlord contents insurance will provide cover against flood, fire, accidental damage and will secure the investment of your property. If the sum total of the property and the items inside are both taken into consideration, it would probably add up to a large amount. It is therefore a good idea to draw up a full inventory of all property prior to taking out an insurance policy as the type and level of cover needed can then be assessed accordingly.
Whatever the decision, it is important to find a trustworthy, reliable insurance company who will be able to offer a reasonable landlord insurance policy. Cheaper does not necessarily mean better, so it is advisable to do some background research into the companies which are being considered. First hand sources from customers are useful, as are reviews. Approval by the FSA or the Financial Services Authority is a must if the landlord wishes to be completely sure that of the legitimacy and dependability of the company they are working with.
Taking all these aspects into consideration can allow landlords to take a measured approach towards getting a landlord insurance policy. It is vital to take into account the property being rented out, and all the effects within are an investment, and in order to safeguard this, taking out the correct insurance policy is key.
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