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Let property comes in all shapes and sizes. It might be a house or it might be a block or flats. Tenants might be drawn from a population of those in regular full-time employment, or they might be students or the unemployed claiming benefits.
Landlord’s too may be quite different one from another. Some might be clearly focused on building a business from letting out one or more properties they own; others might be described as “accidental” landlords after inheriting a property or deciding to let out what used to be their main home after moving into another one.
Wherever you might fit along any of these spectrums, you are likely to consider landlord insurance a priority.
Why do you need landlord insurance?
In a nutshell, you need landlord insurance as a safeguard for the structure and fabric of the building you own, together with any contents you own in it, and to defend yourself against the various liabilities which come as part and parcel of the role of a landlord – whether you are a “professional” or an “accidental” landlord.
Why do you need to safeguard the building and its contents?
You might be surprised by the very wide range of risks and perils to which your property is exposed. These might include such threats as fire, flooding, subsidence, storm damage, impacts, vandalism or theft.
Any one of these threats may result in serious damage to your property or even its total destruction – so landlord insurance typically includes a total building sum insurance equivalent to the complete rebuilding cost.
In terms of the liabilities faced by any kind of landlord, public liability is likely to be the most serious, especially with respect to the landlord’s particular liabilities for the care of tenants in the let property. If an individual is injured or has their property damaged because of your actions – or inactions – as the landlord, you may face very substantial claims for compensation. These are claims which landlord insurance is designed to provide indemnity against.
Loss of rental income is also likely to be a concern to both the professional and the accidental landlord. Such a loss might arise if one of the insured risks results in such serious damage to the property that it is temporarily unfit for occupation by the tenants. Landlord insurance typically provides some form of compensation for such a loss of rental income.
What you need to know when buying cover
What you need to know when buying your landlord cover is similar to what you need to know when buying any kind of insurance – just what is and what is not covered, and to what extent.
When answering that question, you are also likely to be asking yourself whether the quote you receive for the cover you need reflects good value for money, at a price that is comparably competitive.
Why choose us?
At UKinsuranceNET, we arrange cover for all types of residential and commercial let property, whether it is let to tenants from one kind of background or another.
Our experience and expertise allows us to understand the precise needs of landlords – and the ability to describe to even the most accidental of these why landlord insurance is so important.
When you choose UKinsuranceNET you may be reassured that any quote is based on a competitively priced product that meets your particular, individual needs.