Landlords quite often have a fair few things to worry about. Having appropriate buildings insurance for landlords may mean you have one less thing to worry about.

Assets need protection

Your property probably constitutes a sizeable chunk of your financial wealth.

If it is severely damaged (or destroyed) or your contents lost, you may wish to have some form of financial help available.

That’s where buildings insurance for landlords (combined with contents insurance) may come in handy!

Having the right protection

If you were trying to insure your car, you probably wouldn’t try and make do with motorcycle cover – something that may prove useless in the event you had to claim.

That’s why it’s important for landlords to select specific landlords insurance cover rather than trying to make do with owner-occupier buildings and contents protection.

In the event of a claim, such a policy may prove to be invalid the moment the insurance provider discovered that your property was being rented out – even if only in part.

We would be only too pleased to explain this further if you are unsure about the position in relation to your specific property circumstances.

The protection offered

Typically, a buy to let type of insurance policy will provide cover for a landlord’s:

• property against a range of risks (or perils as the insurance documentation may call them) typically including natural disasters etc;
• the contents in terms of destruction or theft;
• risks and exposures to their tenants arising from third-party public liability property related problems;
• some forms of legal protection where these are attributable to one of the insured risks (so, they typically won’t cover you for expenses incurred in evicting tenants);
• some forms of loss of rental income (again arising from an insured risk so it typically won’t cover tenants that abscond leaving large rent arrears etc).

The dangers of self-deception

Typically, a landlords’ insurance policy may cost a little more than an owner-occupiers’ policy – but it is covering broader risks.

It’s worth noting that insurance providers do have ways of verifying the occupancy position at the time of an incident leading to a claim.

Your confidence

Many landlords have invested considerable sums of money in their rental property.

Investing just a little extra to obtain appropriate buildings insurance for landlords, seems to be a small price to pay in every sense!