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Landlord insurance is cover specifically for Landlords in the event of any damages to the property, non-payment of rent or accidents to tenants. If a situation arises that causes the Landlord to have loss of rent, Landlord insurance will provide financial protection.
As a basic insurance cover the Buildings should be insured for the cost of rebuilding the property, not the market value. Landlord insurance policies will automatically include perils such as Fire and Flood, but perils such as Accidental Damage and Subsidence may need to be specifically requested. At Be Wiser our qualified advisors will help you select the most suitable cover for your individual needs.
If your property is let furnished then Contents insurance cover should be considered. Many Landlord buildings insurance policies now include a small amount of cover automatically for free. Although usually more expensive, the better Landlord Contents insurance policies will provide cover for Malicious Damage caused by the Tenant.
As a Landlord the rent you receive is as important as the building itself. If your property becomes uninhabitable following an insured peril like a Fire, then the tenant will no longer be in a position to pay rent. Loss of Rent insurance is often included within a Landlord insurance policy, but not always. Again our qualified advisors will discuss your specific needs and tailor a policy to your own requirements.
This type of cover works in the same way as a Public Liability insurance policy, but specifically covers incidents arising out of the ownership of your building. E.g. a tile falls from a roof and injures a passerby who then sues the Landlord for compensation. A Property Owners Liability insurance policy will pay a solicitor to defend you and pay any compensation claim.
Be Wiser can help you compare Landlord insurance from a number of different UK Insurers so that you can select the cover that suits you and your budget. Our website allows you to compare quotes from different Insurers at the touch of a button. Or one of our professional advisors can compare Landlord insurance quotes for you, call us today.