When you let property, it’s absolutely vital that you have the right insurance in place.
The property you let is your responsibility so you need to ensure that it’s safe to live in and that any required maintenance is carried out.
Below are some of the main types of insurance you can get as a landlord –
Building insurance is a requirement when you let property. It will cover your property(s) for any structural damage that might occur as a result of extreme weather conditions, fire or flooding.
Another type of insurance you can get is contents cover. Although this isn’t a legal requirement like building insurance, it is something that’s worth strongly considering if you let out property that has a lot of expensive contents. It will cover you for damage and theft of your contents.
Unoccupied property insurance
If you have property that is unoccupied for an extended period of time then you’ll need to get it covered with an unoccupied property insurance policy. Unoccupied property insurance is a requirement, usually when your property is unoccupied for 30 days or more. The reason you need to get a special type of cover is because the risk or break ins and vandalism are higher for unoccupied property.
If for whatever reason you were unable to collect rent from a tenant, then rent protection insurance would make sure you were still compensated until you were able to have the tenant removed from the property. This is a very handy type of insurance to have since you never know when an issue with a tenant might arise.
Liability claims are always a risk when you own property, whether they come from a tenant or from a member of the public. Liability insurance will ensure that you’re fully protected if a compensation claims goes against you. You can also have legal expenses included as part of the policy.
How to get landlord insurance
The good news is that getting landlord insurance at an affordable price is easier now than ever. There are a number of landlord insurance comparison services online that make it quick and simple to get quotes from providers.
If you’re looking for a special type of landlord insurance such as thatched property insurance then this isn’t hard to find either. Thatchedinsurance.co.uk thatched property insurance makes it very quick and easy to get quotes from many different thatched insurance specialists.
Getting a lot of quotes is an excellent way to say money on landlord insurance since it enables you to easily compare different policies and choose the one that offers the best value for money.