The landlord insurance quote – finding the suitable deals
Getting a landlord insurance quote is typically easy but understanding the risks you face as a landlord may be a little more difficult.
Any property can be a landlord property
Sometimes, you may not even have realised that you have become a landlord and your property a form of commercial property – ie. you are running a business! It can in fact, happen easily!
If you rent out your property for any period, even during the summer holidays, it becomes by definition a commercially rented property. If you rent out even part of your property (eg. the basement) for even a short period, then once again your property has become commercial.
As a result of either of the above situations, you have also become a landlord in the process.
Landlords and a landlord insurance quote
Whether you’ve just become a landlord or are a seasoned veteran, your insurance requirements are not the same as those of a typical owner-occupier and a standard building and contents insurance policy would neither be suitable nor valid for your needs
Tenants may be the source of your income but they also constitute risk – and a form of risk that does not apply to the owner-occupier.
You may also have to face the fact that there is a higher probability that your property will stand empty for periods of time while you’re in-between lettings or it’s being re-decorated etc. As a result of that, your property may be more likely to experience burglaries, theft and vandalism.
For all these reasons and more, insurance companies typically regard rented-out properties as being higher risk than those that are owner-occupied. That means that specialist buy to let insurance is required and you may need a landlord insurance quote.
Landlords’ Insurance – the risks covered
Typically, a rental property insurance policy will offer you protection against things such as natural disasters, public liability claims, break-ins, the theft of contents or fixtures/fittings and for all such events while the property stands empty between lets etc.
Less common are those policies that offer protection against wilful damage caused by tenants and that is something that may be worth thinking about given that not all tenants will have the same respect for your property as they would their own.
Standard property insurance & the landlord
Typically, a landlord’s property insurance may be slightly more expensive than if the property was owner-occupied. This is due to the additional risks mentioned above.
It is well worth avoiding the temptation of trying to use a traditional home building and contents insurance policy instead. In the event of a claim, you may be asked to declare the occupancy position and the insurance companies have methods of checking just who was occupying the property at the time of the problem. The repercussions for your claim and your ability to obtain insurance in future may be serious.
So, if you own a buy to let property, getting a landlord insurance quote for rental property cover may be the sensible way to ensure your investment is properly protected!
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