Landlord Insurance FAQ
Is It Possible To Just Insure The Contents?
Yes, it is possible with some insurance companies that provide Landlord Insurance to just insure the contents that you own and have placed in the rental property for the use of tenants.
We trust that the above has answered some of the questions that you may have had about Landlord Insurance.
Is Landlord Insurance Mandatory?
There is no legal requirement for you to arrange Landlord Insurance. However, you have probably made a significant financial investment in purchasing the rental property and may have spent substantial funds on renewing fixtures and fittings as well as providing contents for the use of your tenants.
Therefore, surely it would be a sensible thing to consider arranging Landlord Insurance to provide you with peace of mind that should your property be damaged due to the likes of an unexpected fire that you would receive financial recompense.
How Much Does Landlord Cover Cost?
The cost of arranging Landlord Insurance may vary for several different reasons such as the premium quoted by one insurance company may differ to that of another. The premium may also be affected by the types and levels of cover that you require. For instance, if you only wished to arrange landlord buildings insurance because you provided no contents in the rental property the cost would be lower than if you did provide contents and also wanted to insure them.
To find out the cost need only take a few minutes of your time as we can arrange a competitive quote through our partner. The cost can often be spread over a monthly basis by setting up a direct debit.
How Do You Calculate The Amount Of Landlords Buildings Insurance Required?
The buildings sum insured is not the value of the property as that later figure would include the value of the land and building and would usually be higher. If your rental property were burnt to the ground, the amount of landlords buildings insurance would usually be the cost of rebuilding the property back to its original state.
Many people would obtain the advice of a professional valuer of rental properties to obtain an accurate valuation for buildings insurance purposes.
What is Landlord Insurance and What Makes It Different from Home Insurance?
Landlord Insurance is designed specifically to provide cover for various risks associated with a property that is rented out. These risks may include such things as damage caused to the structure of the building, fixtures and fittings and contents owned by you that are in the rental property as a result of the likes of fire, theft, storm or water. Other risks that may be covered include, for instance, third party liability, loss of rent and alternative accommodation, unauthorised alteration and home emergencies.
A home insurance policy would not pay out for a damage claim on a property/fixtures and fittings/contents that is being rented out for financial gain or for things like loss of rent whereas a Landlord Insurance policy would. A home insurance policy would not normally meet a claim on a property that is left unoccupied for beyond around 30 days unless by prior arrangement with the insurance company for which an additional premium would normally be payable whereas a Landlord Insurance policy may meet a claim if the property had been damaged whilst unoccupied for as long as anything up to 90/120 days although this may vary with different companies.