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  • Insurance

    A beginner's guide to landlord insurance

    Welcome to a new themed week - Landlord Insurance Week 2017. Property Tribes will be running "Insurance Week 2017" all this week, and we will be addressing key insurance issues faced by landlords.

    As property is likely your greatest asset, we believe that it is vital you have the correct insurance in place for the property type and the perils it may be subject to.

    The content line up for the week is as follows:

    Monday - A beginner's guide to landlord insurance

    Tuesday - Common issues with landlord insurance

    Wednesday - 3 types of personal protection all landlords should consider

    Thursday - Rent defautlers - insurance perspective

    Friday -   The importance of calculating rebuild value

    Here is the first instalment:

    A beginner's guide to landlord insurance

    If you’re just about to let out your first property, it’s understandable that you may have questions about how home insurance differs from landlord cover.

    The main difference is that if you plan to let a home you have been living in, your current home insurance policy will not be suitable. While protection for the building is covered by both policies, you have additional responsibilities as a landlord, which need additional protection.

    Malicious damage by tenants, for instance, can be expensive if extensive damage is inflicted and is a common concern for landlords. The cost of that damage will not be covered by a standard home policy.

    If your tenants’ lease has ended and they’ve left your property, a home policy may be appropriate. However, it will only provide full cover for a limited period between tenants. Specialist, extensive buy-to-let insurance is vital if you are buying to rent, or if you’re planning to let a property that you already own.

    Landlord responsibilities

    You also need to be conscious of your tenants’ rights. These will mean you have certain obligations with regards to the upkeep of the property.

    This applies the other way around too. Your tenants need to comply with both the law and their tenancy agreement. Of course, not all tenants will meet your standards. This needs to be considered when you’re taking out a landlord insurance policy. Even if they do meet your expectations, accidents can be unavoidable and cause damage to your property.

    Health and safety for landlords

    To a degree, you are also responsible for the health and safety of anyone on your property, including your tenants and their guests. Your property is your product and it is expected to reach certain standards.

    For instance, relevant gas and electrical safety certificates must be obtained from qualified professionals and kept up-to-date. Both carbon monoxide and smoke alarms should be fitted too.

    If a tenant or a guest is harmed or gets ill because of something at the property, you may considered responsible and legal action may be taken. Landlord liability insurance, which tends to be part of most landlord policies, is vital protection in this situation. 

    Available as add-ons, landlord legal expenses and rent guarantee insurance provide further protection if you need to take action against a tenant, or they have stopped paying the rent.

    Landlord contents cover

    Should you have a tenant living in a furnished property, you’ll need contents insurance to cover the extras you’ve left in the property, such as fixtures and fittings, white good and furniture.

    You can also extend this cover with additional policies, including lock and key replacement, or even glass replacement, in case something happens to the windows.

    If you have more questions about landlord insurance, Alan Boswell Group can help. Not only can they provide advice, but they can tailor-make a policy that meets your unique needs.

    This video shares some further insights:


    The above content was prepared by our insurance partner, Alan Boswell Group and is celebrating their "price beater" guarantee which aims to beat any other insurance quote a PT landlord has received.

    Alan Boswell Group are one of the most long-standing and trusted insurance companies in the landlord space.  You can call the team on 01603 649736 for all your landlord insurance needs.

    See recommendations for Alan Boswell Group from PT members - Landlord Insurance recommendation please and here Landlord insurance unoccupied property

    Tune in daily all next week to get the lowdown on landlord insurance!

    By using the services of our trusted suppliers of products and services, you are helping maintain Property Tribes as a free to use community resource as PT receives a small commission for any policy that a PT member takes out through ABG.

    SEE ALSO  -          Insurance for small portfolio...

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