Similar to normal home insurance, this will cover the structure of the house or flat as well as the units which have been fitted inside. Buildings cover will pay for the cost of replacing or fixing anything that is damaged.
If you own a property, you will probably know that damage can be caused in a number of ways. This cover will protect you against fire, theft, lightning, vandalism, smoke, burst pipes, oil leaks, storms and subsidence.
Buildings and contents insurance will also cover contents that belongs to your landlord. This normally includes furniture and large appliances. If your tenant wants to insure their personal possessions, then they can take out their own separate contents insurance policy.
What other risks do you need to protect against?
Getting cheap landlords insurance through BusinessInsured.co.uk will take away a great deal of the hassle, but you will need to identify what other risks you may need to be protected against. Buildings and contents are the basic things you need covered, but landlords insurance may also protect you against other unforeseen costs.
If your house is damaged and you need to re-house your tenants somewhere else for a while, it is possible to recover the costs through your insurance. It will also help cover the cash you lose when the tenant is not paying you rent due to your damage.
If there is a long time between one tenant leaving the house and a new one moving in, landlords insurance can pay you compensation for the period when the home is empty. However, there will be a maximum period of time a landlord will be eligible to receive payments. This would be detailed in the policy itself.
Compare Landlord Insurance Quotes:
When you compare landlords insurance with us, ensure you study the small print of all the quotes so you can make the very best decision.
What’s not covered:
Contents cover will only cover the theft of the landlords property when someone has broken into the house. If a tenant takes some furniture or even some of the fittings with them when they leave the property, the landlords insurance will not cover these items.
This makes it crucial that, before the tenant moves in, you ask them for a deposit big enough to cover such expenses should they arise.
When taking out buy-to-let insurance, you will also have to choose an excess. Which means you will be required to pay the first few hundred pounds of any claim.
Landlord insurance is designed to cover you for long-term occupancies. It might not suit you if you are letting out a holiday home or if the property is vacant for a long period.
Maintaining your property:
You will have to keep the property in good shape and comply with a number of measures if you are to get the best out of your landlord insurance.
Some insurers may insist on a number of things, like getting the boiler serviced yearly by an engineer who is on the Gas Safe Register (formerly Corgi). You should also carry out routine checks of your building and carry out the relevant maintenance work to insure that the structures of the building are up to standard.
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If you are working for a company or you own a company, insurance is important. Landlord Insurance are a couple of the main types available. You never know when you may need to make a claim for an injury at work.
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