Landlord insurance online
Do you have appropriate landlord’s insurance?
Recent research from the specialist ‘buy to let’ insurer Redbrick found that one third of all landlords in the UK did not have any specialist landlords insurance. That means that either one in three landlords have the wrong insurance or, more worryingly, no insurance at all. If you’re not sure of the cover you have in place, you should head onto the internet to research and compare landlord insurance online.
The usual homeowner’s policy has provisions stating that the owner must occupy the property insured. This means that claims for deliberately caused damage by renters may not be covered and the landlord is in the position of not being paid for a claim. In fact, many insurance companies reject all claims if they are unaware a property is rented.
Buildings and Contents
For any landlord, there are two forms of insurance that are absolutely vital to have and those are for contents and buildings. Fortunately there are numerous UK websites that facilitate online research about landlord insurance. One can also find information about benefits and fees for the specialized policies.
Landlord buildings insurance provides that structures are covered in case they are damaged by storms, floods, or fires. There is also a provision to pay for rent loss if the property is uninhabitable because of covered damage.
A property owner will want to know if buildings are covered for things like tenant caused property flooding or blowing up a boiler.
The landlord buildings insurance policy may provide coverage for certain fittings or fixtures. The contents insurance usually extends protection to furnishings and equipment on the rental property. The basis for damage recovery is usually on what is known as the “new for old” basis. Items covered may include gardening implements and other equipment stored in sheds and garages.
Other Landlord Insurance
The Redbrick survey also found that only twelve percent of landlords have combined legal expenses and rent guarantee insurance. This is particularly worrying in an economic climate where most landlords are anticipating rent arrears to increase.
Legal expenses cover is designed to provide cover in the event that you have to evict tenants, remove squatters, pursue rent arrears or recover any costs of repair to the property not covered by the tenant’s deposit. Most policies will then allow you to add rent guarantee insurance which is intended to pay the rent should your tenant default. There are normally strict criteria for claiming on this cover and so you should read the small print to make sure you qualify.
Click here for more information on Landlord Insurance Quote
October 09 2010 01:36 am | Uncategorized