Whether you own a residential or commercial property that you are thinking about letting, it is a good idea to compare landlord insurance. We can help you find a great insurance deal suited to your letting needs. MoneyMaxim can also help you find good value Buy to Let property insurance to suit your needs with the panel of specialist insurers we work alongside.
A mortgage company will usually insist you have landlord's insurance rather than just a standard household insurance policy.
Tenant type: some tenants are more likely to cause accidental or malicious damage, students for example are more likely to cause damage than a professional couple.
Rent: how much you charge for rent and therefore what loss you would sustain if tenants leave the property or fail to pay rent for whatever reason.
Furnishing: The cost of items included in your house such as furniture, white goods and decor.
Building type and the construction material: some buildings are more costly to repair if damage does occur, for example listed buildings. And some buildings are more likely to sustain damage, for example if the building is constructed from a flammable material.
Use: what the building will be used for is also important. Whether a residential or commercial property, it is vital to ensure that your insurance covers your property.
Location: some areas are more costly to insure, for example: London boroughs and Northern Ireland.
When choosing your Landlord Insurance policy you will be able to choose a range of cover, most policies will include:
Landlord's Buildings Insurance: covers the structure of the property against a variety of risks, including flood, fire and storm. Buildings Insurance gives you peace of mind that if your property is damaged the repair or rebuild costs are covered.
Landlord's Contents Insurance: covers the items you own in your rental property, such as carpets, furniture and electrical
Landlord Liability Insurance: covers you if you are found liable for injury to a tenant or member of the public.
It is also worth considering additional cover for such items as:
Emergency Assistance: will cover the costs if the building needs urgent attention, for example due to a burst pipe
Tenant Default: Should a tenant default on their rent payments, this cover will pay for your financial losses
Loss of Rent: This policy will cover you for the cost of alternative accommodation or loss of rent should your property become uninhabitable
Accidental damage: will protect against unintentional damage that your tenants cause, some insurers offer this for free for certain types of tenants, such as elderly or professional people
Some insurers may charge for additional cover, however, taking out an insurance policy which covers you for a wide variety of eventualities will save you stress in the long run. And if an incident does occur you will save a lot of money.
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