Considering investing in buy-to-let? When renting out your property you need to ensure you are fully covered if something goes wrong. As a landlord, you need specialist insurance to ensure your investment is covered.
We know that being a landlord is all about getting the most out of your investment. Our fully managed service protects you as a landlord, your tenants, and your property. A good insurance needs to do the same. In this article, we look at the factors you should consider before when purchasing an insurance policy.Landlord building insurance
The most important type of cover that you need as a landlord is building insurance. If any major damage is to occur, for example a fire, flood or burst pipe, this ensures the rebuild costs are covered. Before taking out building insurance you must research the rebuild cost of your property.Landlord contents insurance
The level of your contents insurance depends on whether your property is rented out furnished or unfurnished. If your property is unfurnished you need cover for white goods, carpets, curtains, and blinds. However, if your property is furnished, you need insurance which covers furniture, electrical items, pictures, and ornaments. Even if your tenant has contents insurance, this does not protect you as a landlord.Landlord liability insurance
This insurance is often required for student or social housing and can be added as an extra to most policies. This will cover you against tenants trying to sue you for an accident that occurred on your property.Loss of rent insurance
If for any reason your property becomes uninhabitable and cannot be rented out for a certain amount of time, this insurance protects you from any rent you have missed out on. This could possibly stop you from losing the property if you rely on the rent to cover the mortgage.Legal expenses insurance
Covering yourself for any legal costs is vital when considering potential disputes that could occur with tenants. Disputes may involve having to evict squatters and repossessing your property. Your policy may even cover the legal costs when recovering any outstanding rent from your tenant.Landlord home emergency cover
This insurance covers the cost of arranging emergency repairs after a gas leak, burst pipe, break in or a pest infestation in your property. This covers you for any callouts to fully qualified tradesmen who will fix your household emergencies.
If you are unsure about the types of insurance you need, or you would like the re-assurance of a full property management service, then please call Clive on 020 8866 5666 for details or email: email@example.com