Landlords House Insurance

Landlords house insurance

It is said that there are two ways to learn about Landlords House Insurance, The hard way or the easy way. The hard way is to ignore the need for specialist advice until a problem arises; the easy way is to ask a specialist like UKInsuranceNET for advice.

One would think that it is obvious that if you are renting out your home you would need specialist Landlord Insurance. However we have many clients that have only identified this fact after they have had a claim declined or a policy cancelled.

Landlords House Insurance sometimes know as Buy to let Insurance can offer a range of benefits that a standard home insurance policy would not offer.

Firstly it allows you to rent your house out whilst still retaining cover for the major perils such as Fire, Flood, escape of water and theft. In addition it can allow you to cover things like:

• Loss of rent
• Home Emergency cover
• Malicious damage by tenant
• Liability insurance should your tenant is injured as a result of your negligence
• Legal Landlords Legal Expenses insurance.

Cover for malicious damage by tenant is not a standard feature of many cheap landlord insurance policies. It is however an extremely useful add on and well worth paying the additional premium for.

One worrying trend for landlords and providers of Let property insurance is the increase of cannabis farms. We at UKinsuranceNET have seen a massive rise in claims of this nature and if you do not have Malicious damage by tenant cover a claim of this nature will not be covered.

The extent of these claims can run into tens of thousands of pounds and it can be very difficult to identify genuine tenants from the criminals who run these farms.

To protect your self against this particular issue we recommend:-

• Ensure that tenants are aware that you will inspect the property regularly
• Advise your prospective tenants that the first inspection will be between week 6 & 12 of the tenancy agreement. (Cannabis crops take 6 to eight weeks to mature)
• Insist on payment by cheque or BACS do not accept cash.
• Be wary if a prospective tenant offers 6 months rent in advance.
• If you see windows blocked up report this to the police immediately
• Persistent Condensation on the windows can be an indicator that the house is being used as a cannabis farm.
• When you inspect the property if any doors are padlocked insist that you are allowed to inspect the room.

Renting property can be very profitable in the long term however it pays to ensure you have comprehensive landlords House Insurance.