If you have chosen to be a landlord, don’t worry you are in good company. The Department for Communities and Local Government found that over 85% of landlords in the UK were private individual landlords. This means that there are many one man and one woman landlord operations across the UK that account for at least 70% of rented accommodation that is owned privately. Because of this, landlords insurance is on the agenda for landlords who want to protect their bricks and mortar investments.
There are many key differences between house and landlord insurance so it is very important that you can distinguish what covers what, to find the policy which is right for you.
We have put the following under the microscope to help you make the right decision:
Tenants referencing services: Some insurance companies can get you tenants referencing services which are brilliant if you want to get trustworthy tenants who will respect your property the way you want it to be respected. Take advantage of this service if you have a property that is a period property which means it needs to have responsible tenants that will respect its age and historical importance.
Liability cover: This is definitely going to take a load off many landlords back knowing that some policies have property owner’s liability covered. You can choose how much you want to have the liability cover for and this will be something that you can take advantage of in case there are any issues with the physical side of your property.
Theft and replacement features: Depending on what type of insurance policy you choose, you can get replacement lock covers sorted out because of theft and replacement cover aspects of your insurance policy. This is bound to be something which you will value because you can never predict if or when a house gets burgled.
Policy excess: Getting policy excess is a definite must because it covers you against any unforeseen costs that can come up because you are a landlord. Be financially savvy and choose a landlord insurance policy that has a good policy excess clause in it.
