Landlord House Insurance – Why You Need Them
When it comes to landlord house insurance, many people do not understand what is covered and what is not covered. The best way to ensure you get the right cover is by asking a few questions before you sign anything. An experienced broker will be able to help you sort out all your questions and find the policy that suits your needs. They will look around for you and try to get you the best deal possible. Here are some of the things that a broker will tell you when you make an enquiry.
Generally, insurance companies base their quotes on two factors: the structure of the rental property and the level of risk, which include both the tenant and the occupants. Tenants are usually viewed as a higher risk than an occupant-owner, as they do not have an exclusive ownership interest in the building. In addition, you will also need to purchase additional cover for liability like rental guarantee insurance, in case you require extra cover for any eventuality. Most policies will include protection for damage to the building itself and also to the contents and fixtures. As a landlord, you might need coverage to protect against damage done to the walls or even the ceiling by vandals. If the structure of the building suffers damage, this can affect how cheaply you are able to rent your property.
A good landlord house insurance policy should provide coverage for a wide variety of scenarios, including any injuries that happen to tenants while they are on your property. Injuries could include slips and falls, broken appliances and even electrical problems. You will also need to ensure your tenants have adequate health cover. While most policies will not cover these for your benefit, some will offer a little extra help to ease the strain on your wallet. Always check what is included in your contract carefully.
An important feature of any landlord house insurance comparison should be the amount of liability cover that is offered. Liability cover will protect you if a tenant causes damage to your property, whether it is through an accident or theft. The sum insured can vary greatly and is usually determined by factors such as the area in which you live, the cost of replacing everything at risk and the age of your building. Landlord insurance comparison should look at all these factors and make sure you understand how much sum is included for each scenario. There are many factors which could impact the sum insured and should always be kept handy.
When shopping around, always find out who your insurer’s contact when there are problems with your tenants. Some insurers may even arrange for the emergency services to be called straight away. An insurance comparison service will be able to supply you with a list of insurers that specialise in providing landlord house insurance. All good insurers will be able to offer quotes based on your individual circumstances and you can easily contact them to discuss your situation.
When you take out a landlord’s insurance cover, the policy will include the cost of removing tenants in the event of a disaster. However, it does not always include the cost of repairing the building itself if it should suffer damage. You should therefore ensure that you add this into your calculations when getting your quotes. If you own your own building then you may even want to consider taking out renter’s insurance to provide extra protection for your personal belongings. This way, even if your landlord house insurance cover is insufficient, you will have protection against your personal possessions.
Many people think that when looking for any type of landlord house insurance cover that they should compare prices across different companies, but in fact this is actually the last thing you should do. Instead, spend more time comparing the terms of each policy and finding the cheapest premiums to suit you and your pocket. When you do comparison shopping, it is important that you do not only take quotes from one company but from a number of different companies as each insurer will offer different prices when you set your premiums based upon how much you are willing to pay. You should therefore consider setting up a separate online account with each insurer in order to get a wide variety of quotes in order to find the best deal.
In addition to protecting your property, another benefit of landlord house insurance policies is providing you with peace of mind. When you live in a rented accommodation you are at risk of theft, damage and burglary. Your property is also at risk if there is a fire and you have a home warranty policy to cover the cost of repairs to the structure of your home, regardless of who is to blame for the fire. With home warranties, you can relax and know that even if you have no investment capital, you will still have peace of mind. A home warranty will also provide you with peace of mind if you ever need to make a claim because you know that you will not have to pay for the contents of your home in full, as this is covered by the policy.