Landlord Insurance - What You Need to Know
If you are a landlord with a property to let, it is imperative that you take out the correct landlord insurance policy in order to cover yourself against any eventuality and keep your business running. For example, what if a tenant decides to not pay his or her rent for 2 months and just disappears? If you have loss of rent cover, your business will continue to run smoothly without a loss of income while you acquire new residents.
If you require landlord insurance cover, it is important for you to be honest and upfront when you are filling in our landlord insurance quote form. You cannot simply rely on a run-of-the-mill home insurance policy. If you need to make a claim on your insurance and it becomes apparent that the property was being rented out and we weren't made aware, your policy will be rendered obsolete and you will be left out of pocket.
We are the business insurance specialists and we understand the various challenges and pitfalls that you will face as a landlord. Insurance Price offers a comprehensive landlord insurance quote engine that can be used to specifically tailor your policy towards your business. In other words, you can easily specify the cover that you require which allows us to keep your business protected and our premiums competitive.
Our tailored quotes allow you to protect your business against the unexpected. For example, you may want to add ‘Trace and Access’ cover along with ‘Accidental Damage’ cover to cover even more eventualities. It is common for landlords to have minor repair bills at the end of a tenancy – your customers aren't going to be perfect and little things will need to be fixed. With this in mind, you don’t want to be left with a large, unexpected bill before your next tenant moves in. Your cash flow will be stunted and your ‘trading’ may even come to a halt while you sort things out. One case study is a pair of landlords in Wiltshire who were hit with a bill for £20,000 after their property was turned into a marijuana factory by the previous tenants. They weren't covered because their landlord insurance policy didn't include malicious damage protection – make sure you don’t get caught out.
Insurance Price specialise in landlord insurance and we even offer a multi-property discount to save you even more money on top of our competitive premiums. Fill in our online landlord insurance quote form or give us a call on 0845 838 5195 and one of our insurance experts will get back to you as soon as possible.
James Savery, 06 February 2014