If you are a landlord and renting out a property, then you must be aware of the liabilities you may incur and consequently choose an insurance policy which will allow you to sleep at night.
From health hazards to utility equipment installation and maintenance, energy performance and tenant assessment, a bespoke policy will cover you against any event.
In matters relating to the tenant there are a number of issues which landlords should consider – protecting their deposit in a government-approved scheme, their right to rent and the provision of a how-to-rent checklist.
Information can be found at the government website.
When looking at the options for cheap landlords insurance, it is important to realise that it is very different from a normal homeowner’s policy. When looking at the cost, it is important to check that it offers the comprehensive cover which a landlord needs. Such policies can be found via brokers and websites such as https://brokersdirect.co.uk/.
One example of the specialist cover on offer is loss of rental income either because of damage to the property or eviction of the tenant, known as loss of rent coverage. As the rental income is key to the investment of buy-to-let landlords, this is an important aspect of policy choice.
As there is someone other than the owner living in the property, it is important to consider insuring against injury to the tenant arising from a danger in the property.
Public liability insurance, as part of your landlord’s policy, will ensure you are covered if one of your tenants makes a claim against you for injury or damage to their property and goods. You will be covered for damages, and both sides’ legal costs if you are proved to be at fault.
Although the market for landlords’ insurance is not quite as crowded as the domestic insurance business, there is still plenty of competition, and landlords should get a number of quotes before making any decision on a provider. Again, consulting a broker may be helpful.
One similarity with regular house insurance is that the safer you make your property the more discounts you will receive from the insurance company. Smoke detectors, burglar alarms and insurance-approved locks on doors and windows will all influence the price of your policy.