Landlords insurance

This is insurance, as the name suggests, for landlords. Simple Landlord Insurance is well worth a look. It has low prices for cover and great policies.

It's normally to cover the building they own, but can also include contents insurance for furnishings and fittings.

You need to look for a policy that gives you good cover so that all perils are covered and includes public and property owner's liability insurance.
Accidental damage is usually optional on policys.

Another aspect is often one that covers the loss of rental income.

You can find lots of online companies offering quotes for Landlords Insurance.

It's also known as Buy to let insurance.

Some policies can cover more than 1 property which is useful if you have several rental properties that need insuring.

You also need to tell them whether it's purely residential or a mix of residential and commercial as this will affect the premium.

Normally you get to pick the level of public liability insurance - between £2M and £5M.

Loss of rent covers if the building is damaged and can not be lived in until the insurance has paid for the work to be done. This is essential as a tenant would need rehousing if the property becomes damaged.

Other levels of cover can sometimes be added such as Accidental damage to windows and fixed sanitaryware, Home Emergency cover, Landlords legal expenses.

Many types of insurance ask for the type of people the property is rented too. The list normally covers working professionals, DSS benefit recipients, students, asylum seekers, HMO tenants, or a mix.

What the type of property is is needed for the quote. and whether it is a listed building and if so what type of listing it is. (Grade 1,2,3, A,B or C)

Security questions are asked too. Is the property fitted with a NACOSS Approved Alarm? Do all the windows have window locks? What locks are fitted on external doors? 5 Lever mortice locks, 3 level mortice locks, Yale Locks, UPVC multipoint locks.

They also want to make sure your property hasn't been flooded in the last 10 years. They all want to know if it's in good repair and maintained. Most want to know that it's a private property only and that your tenant does not use it for trade purposes.

Insurers also want to know about any possible subsidence and ask normally whether the property is free from signs of damage by subsidence, heave or landslip with no cracks in external walls and no history of damage by these events.

And that is it not in an area where the neighbouring properties have damage by subsidence, heave or landslip with no history of damage by these events.

Empty properties - if your rental is going to be empty for more than 30 days then you need to let your insurance company know.

Sensible precautions include inspecting the property regularly. Some insurers may require you to keep a record of this. Electricity, gas and water may need to be turned off - but in winter this may involve draining down a heating system to avoid burst pipes.
Electricity might be needed to be kept on to power an alarm though.
Letter boxes can be sealed.

You should probably also ensure the neighbours to your property have your contact details to allow them to get in touch if anything happens at the property.