Landlords – Cover you need as a landlord!
There are many different landlord insurance benefits you can get as optional cover for your policy. Good companies offer these as standard as a reward for using them as a provider, let’s have a look at what you get.
Please note, these may vary depending on the insurer you choose.
- Theft or Attempted Theft
- Malicious Damage
- Property Owners Liability Insurance
- Loss of Rent/Alternative Accommodation
- Landlords Contents cover for Carpets, Curtains, Blinds and White Goods
- Trace and Access Cover
- Unauthorised Alteration Cover
- Accidental Damage Property
Others many offer them to you either as an extra service or provide them on request for a fee. In any case, they are additional services that may be useful to you at some point and you should be aware that they exist.
One of the most important optional covers for landlord insurance is a loss of rent cover and accident damage cover caused by your tenant.
Loss of Rent Cover
This may be offered from a number of companies so you must read the fine print carefully to make sure you understand what exactly it is you are paying for. For example, one company offers you loss of rent in the event of a tenant not paying their rent and another one may not.
If you have ever been a victim of a tenant wrecking your property to an extent where it cost thousands of pounds, this cover is what you need to prepare for this event.
Many landlords find this cover to be a great investment as renting your property can have its drawbacks from time to time. Knowing your property is fully cover means that you can have any tenant living in your home no matter what background they have, after all, you don’t really know these people, even if they are relatives.
Property Owners Liability Insurance
Along with this, you might think about how an accident will impact you legally. A few Landlord Insurance policies include, “Liability Insurance”. This is coverage for legal defence is you are taken to court. While the benefit amount may not be large it should be sufficient to at least assist in paying your legal fees and paying any claims against you.
Do note that this is not to pay fines or the like but to handle hiring a lawyer if it is needed. A related benefit is a cover for legal expenses which covers you if you need to file a claim against someone else for an accident that is deemed to be not your fault.
This form of cover will provide you with up to £5,000,000 if you need it to pay legal fees, hiring legal assistance, and other related expenses to keeping your business running.
Protecting Your Contents
Landlord Insurance with this type of optional cover allows you to claim against the person who caused the accident or damage to your contents if you offer a fully furnished property. If you suffer financial injuries the company will usually help you get those expenses paid for, along with the loss of rent, fire and cover expensive items like sofas.
These are just two of the many different optional covers you will find offered to you by the various companies who are wanting to be the one chosen by you to provide them with business. Should you select one of them that offer either of these you should make sure that you know how these benefits are offered to you?
Ask to make sure that you are getting these services at a price you can afford and that there are no hidden costs. Doing this will ensure that you get Landlord Insurance with the options you need and that you don’t pay extra for the things you are electing to add to your cover.