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As a Landlord what insurance cover should I arrange?
As a basic insurance cover the buildin 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.
Loss of Rent insurance
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.
Property Owners Liability
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.
How can Be Wiser help me obtain a Landlord insurance quotation?
You can get a quotation from our website in minutes. You just need to answer a few questions. If you have a specific insurance requirement and it is easier for you to speak to one of qualified advisors please call us on xxxx-xxx-xxxx or xxxx-xxx-xxxx
- Commercial Property Insurance
- Landlords Insurance
- Property Owners Liability
- Private and Mixed-use Property
- Block of Flats
- Loss of Rent
- Home Emergency Cover
- Legal Assistance
With a growing rental market and an ever-increasing number of landlords, finding the right insurance has never been more important. Aside from keeping up to date with the regulation on being a landlord it is important to protect your investment.
To many, insurance is a headache best left to the online comparison sites. Searching and finding the cheapest policy takes only a few minutes and the documents become available almost instantly, to a first time landlord this seems like the ideal solution to a process that appears low down on their list of priorities. But how reliable are these policies at coving your livelihood?
What risks do you need to insure?
Firstly, it’s important to identify the risks presented by the rented property. Any decent landlord insurance policy will cover the buildings, landlord’s liability and loss of rent. Additional extras may include contents, legal expenses and home emergency cover. When comparing policies many look at the price first but ultimately, it should be the main points of cover, does it fit your property? Do you need contents cover?.
Why use a broker?
Whilst some see brokers as an unnecessary middle man, their role in finding the correct cover can be a useful tool. Many brokers invest vast amounts of money in staff training to ensure they are continuingly giving customers the best advice. Brokers have a unique standing in the insurance market as a source of information, being able to identify the clients demands and needs and advising on the benefits of various insurance policies makes them a useful tool to a budding landlord.
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