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Choosing an appropriate landlord insurance policy

Choosing an appropriate landlord insurance policy
20 June 2014

By UKinsuranceNET In Landlord Advice

Are you looking for landlords’ cover?

Here at UKinsuranceNET we believe in offering you the most appropriate cover for your own individual circumstances. We understand that there are many different types of landlord as well as many different types of letting properties.

Trying to cover all of these variations and combinations with just one landlord insurance policy just may not be possible and the end result may be landlords not being adequately covered.

Tailoring polices to suit individual requirements is important so it’s advisable to grasp:

  • not all policies may offer cover for all types of tenant. Some may require that you let only to those in employment and some landlords may find this approach to be overly restrictive. It might mean, for example, if they want to start letting to students or retirees, then they may have to go to the trouble of having to sort out their insurance cover too. Starting off with a flexible multi-tenant type policy may be an easier approach;
  • the price or premium of a policy should not be used as the main selection criterion. While affordability is obviously an issue, our advice would always be to get the level of cover that you need and then look at costs. A few pennies saved on premium costs may turn out to be a false economy if you have to make a claim and only then find that the circumstances are not covered by the policy you opted for;
  • discounts may be available for things such as introductory offers, no claims bonus, multiple property cover (etc.) and remember too that you may be able to reduce premiums by accepting a higher excess on the policy;
  • there are two main types of liability that you might need to take into account as a landlord – public or third party liability and employers. It is a fact of life that these days, people may be all too eager to lodge claims for damages against you if they believe that you were somehow responsible for injuries to them or damage caused to their property;
  • for a landlord this could mean being sued by your tenants, some other third party visiting your property (or just in proximity to it) or perhaps an employee injured while carrying out work for you. Since court awards can be very high and you need to be sure that your landlords’ insurance provides you with sufficient liability protection;
  • policies may typically provide full accidental damage cover but as a landlord you may also benefit from cover for malicious damage by tenants. You’ll typically find that policies may offer unlimited cover with a higher excess or capped cover with a lower excess.

There is no one size fits all when it comes to landlords’ cover. You need choice and perhaps some help and advice to make sure that you have the information you need.

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