This post is brought to you by Towergate Connect, specialists in insurance for landlords.
Failure to take out the correct landlord insurance could prove to be a very costly mistake. As a landlord you are effectively running a property business. As such your main asset is your buy-to-let property investment and it’s critical that you safeguard this with the correct insurance policy.
Specialist Insurer Towergate Connect, advise what to look out for when choosing landlords insurance.
Because of the nature of buy-to-let it is necessary to have specialist landlord insurance. This is because most household policies offer no cover for buildings, contents and landlord’s (property owner’s) third party liabilities; while the property is being let out.
Landlords insurance cover is usually adequate for most landlords that let out an unfurnished property. However it is worth checking that the landlord insurance policy has some provision for cover against accidental breakage of sanitary fittings and fixed glass such as windows as these are one of the most common areas of damage.
Check that the landlords insurance policy covers fixtures and fittings which include such items as: carpets, laminate flooring, kitchens, bathrooms, white goods, light fittings and curtains.
If you do let the property either partly or fully furnished, It is also possible for landlords to insure separately any contents in the property.
A landlords insurance policy will generally only protect you against damage by the tenants not property theft. Theft is only covered if there has been ‘forcible or violent entry or exit’. This effectively excludes the situation where your tenants decide to make off with your appliances! Check your policy wording to see if this is covered – and always remember to get an adequate deposit from your tenants as well, to make sure you are safe guarded.
It may be worth considering a policy with legal expenses cover, to help recover legal costs in situations where you need representation such as eviction of a tenant that won’t budge!
It may also be worth checking that the policy includes rent protection. If you are unable to find a tenant for a period of time, this will give you the peace of mind that you won’t be out of pocket.
Some policies will only cover you if the property is professionally managed. Check that the policy covers you regardless of whether your property is managed personally or professionally.
Call Towergate Connect for further advice on your Landlords Insurance on 0844 8921549.
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