2. There are a much wider selection of landlord insurance
policies in place now then there used to be; however
not all are essential requirements. Insurance such as
BTL Building Insurance are considered a must for all
landlords – however, some other policies are
considered ‘add-ons’ to give you the extra protection
you require. The different insurance policies landlords
decide to take out on their properties pretty much
comes down to one or both of these things – how much
protection the landlord wants and what the landlord can
afford.
3. BTL Building Insurance
It makes no sense for a landlord not to take out BTL
Building Insurance. For an overly inexpensive fee,
BTL building insurance protects your property from
any potential damage such as fire, natural disaster,
vandalism etc. Although this policy isn’t considered
a legal requirement – it would be foolish not to
invest. If your property does have any structural
damage and you don’t take out a BTL building
insurance policy – you stand to loose everything.
4. Contents Insurance
Contents insurance is typically taken out by those landlords
that provide a furnished let or, perhaps those that have white
goods included in the property such as an oven, fridge etc. It
would benefit the landlord to take out contents insurance in
this case to reassure them that they can be compensated in
result of any damage caused by tenants or other accidents;
however, this policy is not an essential or legal requirement.
If a landlord lets an unfurnished property, it is the
responsibility of the tenant to insure their own belongings.
5. Rent Guarantee Insurance
Rent guarantee insurance is completely optional. If a landlord
desires rent guarantee insurance, it is likely that they need to
take out a separate insurance policy from your building
insurer because this cover is not provided by all agencies. Rent
guarantee insurance has nothing to do with the landlords
property or it’s content; it specifically concentrates on rent
owed by a landlords tenant. If you take out this policy, it will
basically allow you to receive either the full-payment or a
percentage of the payment if your tenant doesn’t pay their
rent.
6. Public Liability Insurance
Public Liability Insurance generally comes with most other
insurance policies, however, its an important policy to have – so
make sure you have it.
Public Liability Insurance provides you with the cover you may
potentially need if any of your tenants are involved in an accident
within your property. This could be incidents such as the tenant
falling down the stairs or getting an electric shock off a plug
socket.
You don’t want to be left in a position where your forced to take
responsibility for something that genuinely wasn’t your fault. So,
be sensible and be protected.
7. Landlord Maintenance & Emergency Insurance
Landlord Maintenance and Emergency Insurance is one
of the newest policies for landlords – and it’s becoming
more and more popular. This policy generally covers
any potential gas or electrical breakdowns that you
may have if you’re already under a Building BTL
insurance policy. For very little cost, your insurance
provider will attend to any issues you have regarding
electrics or gas within 24 hours. This will help you get
problems fixed quickly, efficiently and reduce the risk
of conflict between you and your tenants.
