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Best Landlord Insurance
A quick scan of the market will show that there are more providers of specialist landlord insurance out there than many people think.
More detailed and possibly more comprehensive than standard home and contents cover, a landlord insurance policy can guard against some of the problems of having tenants, as well as some of the problems of having a property left empty. But there is no one policy which is the best landlord insurance deal for everybody, and depending on your property and your needs, it may take a bit of homework to find out which deal suits you.
However, there is no shortage of information and finding a policy which fits what you are after and is affordable is not an impossible task. Firstly it may help to try and decide exactly what kind of cover you are after. For example, you might only want buildings cover, or you may plan to have some of your belongings in the property, perhaps if you are looking to let it furnished.
Then there are other concerns, such as do you want a form of protection if tenants fail to pay up, or perhaps are looking for a landlord liability element to your policy.
Best landlords insurance
Because some landlords specialise in residential, some in commercial, and some in a mix of the two, there's no such thing as the best landlords insurance policy which is effective and cheap for every single customer. People often have different sorts of size of portfolio as well, and may have one or two unusual properties, so no single all-encompassing deal is going to apply. Instead the secret to getting the most appropriate cover could involve trying a few different combinations and different providers to mix and match quotes according to your needs.
While the most comprehensive deals can involve an enormous amount of extras and protection against almost every eventuality, some people may feel one or two aspects are not necessary and may try to trim them off in an attempt to save money.
For example, some policies can include legal protection, paying out in the event that you have to take a tenant to court to recover your costs if they refuse to leave a property and stop paying rent. This can be an expensive experience and some deals will refund your solicitor's expenses when fighting such an action. However, not everybody will want this as part of their deal, and so they might want to try to eliminate it to get something cheaper.
At the other end of the scale, some property owners may not be comfortable unless every single base is covered, right down to the possibility of their property being destroyed by a terrorist attack and including protection if they lose rent due to a property being taken off the market for urgent repairs following something like a fire.
Different cover requirements
Some people looking for the best landlords insurance may also have things like listed buildings or homes with specialist features, like a thatched roof. These may require more specialist policies because of a perceived added fire risk, for example. Homes which are listed may require a higher level of cover than a traditional structure because they might need specialist help should rebuilding be necessary.
Landlord cover can also provide protection in the event of lost rent due to a building being put out of action, and such deals can not only pay for the repair costs but help fill some of the hole which could be made in your income. For example, a commercial premises bringing in £1,500 a month in rent might be wrecked by a flood which needs two months' worth of repairs. A deal which includes rent protection could potentially cover the cost of the repairs and the loss of the rent.
The best landlords insurance is therefore a deal which matches the budget involved and also protects your interests properly. After all, a cover plan is not only protecting bricks and mortar but also potentially your livelihood or future pension.
Extra cover may be needed
Then there are listed buildings or buildings with particularly unusual features which may need an extra element of cover. here may be buildings which are more at risk as to flooding or subsidence, so you may also want protection for this.
Of course a property which you are looking to rent out is just as vulnerable to fire, theft, or vandalism as any other, and as you probably have a considerable sum of money tied up in it, so getting the best landlord insurance is important. If you are at all uncertain about what it is you really need, or are at all unsure or about how best to arrange quotes, you can always turn to a specialist landlord insurance broker who can act as a middleman and search the marketplace to find the best deal.
It is very important to ensure that your Landlords House Insurance policy completely covers your needs. For example ensuring that the Buildings Sum insured is adequate, ensuring that you have Home emergency cover if you are an absent landlord and that you consider things like loss of rent and potential legal expenses if the tenant does not pay.
The best landlord insurance policy could be the deal which emerges after you have done your homework and checked your requirements with a number of providers. Sadly there is not one definitive deal which is suited to every landlord and you may or may not feel you can afford some useful extras like liability cover or protection against the chances of subsidence, which may be extra on some deals.