How to Insure Your Property Lets

How to Insure Your Property Lets?

Are your properties covered?

If you are a landlord and have one or more property lets, you would be foolish not to have adequate landlords insurance in place. Of course if you have mortgages on your properties the lender would require a minimum of buildings insurance, but even then, are you sure you have adequate cover in place to guard against financial ruin?

Whether or not you have a mortgage, it would be a wise move to research various levels of landlords insurance from buildings insurance to contents insurance cover so that you can safeguard what you have worked so hard to acquire.

Landlords Insurance for Property Lets

One of the choices you will need to make is the type of landlord insurance you need to purchase. If you have property lets which are furnished you may want a comprehensive policy that covers buildings as well as contents. However, if you only own the building and the tenants furnish their own flats, you may want to purchase landlord building insurance.

A comprehensive policy is likely to cost more but if you have any amount of financial investment in contents which are not considered fixtures (permanently attached to the building), you may want to consider this option.

How to Insure Your Property Lets

What Does Landlords Insurance for Property Lets Cover?

A standard landlords insurance policy will cover loss, theft or damage to the building as a result of certain predefined risks. These risks include such things as:

  • Storms or floods
  • Aircraft impact
  • Falling telephone poles, trees and/or lampposts
  • Damage caused by theft/attempted theft as a result of forced/violent entry
  • Fire, explosions, lightning or earthquakes
  • Water damage from leaking tanks or pipes
  • Damage from oil leakage
  • Smoke damage
  • Landslip, subsidence or heave

However, damage from falling TV or radio aerials would usually only be covered on a comprehensive policy that also covers contents.

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How Much Does Landlords Insurance Cost?

As usual, cost is determined by the amount being covered and excess which can often be chosen when you purchase the policy. If you are looking for discounts, then you may want to consider policies with higher excess and the least amount of cover you feel would safeguard your investment. However, some companies provide discounts for multiple property insurance where you would get a percentage off your premiums for covering more than one property with the same insurer. Some companies offer discounts to property lets being offered to students whilst others don’t give discounts but will offer ‘gifts’ such as property management software when purchasing landlords insurance from their company.

Additional Cover to Consider

When you are looking for the broadest cover possible, a comprehensive policy with landlord contents insurance cover is your best options. Look for such additional benefits as:

  • Accidental breakage of solar panels, fixed glass and sanitary fixtures
  • Accidental damage to computers, TVs, video recorders/security systems
  • Accidental damage to underground pipes, drains, sewers and cables
  • Loss of revenue from rents after damage
  • Cover for the cost of alternative accommodations
  • Fatal injury/death of the policyholder if it occurs on the premises
  • Legal liability cover

These are just some of the additional benefits you can find on some comprehensive landlords insurance policies. In any event, if you have an investment property it is well worth your time, money and effort to find the best cover to safeguard that investment.

Property lets can be insured adequately so that you are not at risk of losing your investment.
Compare quotes from several companies until you find the policy that has the cover you need and at a price that is reasonable but don’t let cost be the deciding factor. If you have property lets you can’t afford not to have landlords insurance.

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