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Do I really need Landlords Insurance?

If you let out a property, in a word, YES!

There is a surprising number of Landlords who think that by having standard Household Insurance for their Let Property they have adequate cover. Firstly, if you do not disclose that your property is rented then the insurer has the right to refuse a claim.

We understand that your main priority is your business and its success, so to help you find comprehensive cover that will protect your investment Leaseguard search a hand-picked panel of insurers

Landlord Insurance is not legally required but is highly recommended. If the property in mortgaged it is more than likely your lender requires you have appropriate insurance. As a responsible property owner it is recommend that you at least have your Buildings insured as a property could be worth hundreds of thousands of pounds and is normally a long-term investment. An unexpected incident such as a fire or flood could cause significant damage to this investment and, if a Landlord Insurance policy isn't in place, could mean a loss of a considerable amount of money should the worst happen.

As a Landlord you will also want insurance in place to provide Property Owners Liability to protect yourself against claims from your Tenant holding you liable for any injury they may have received within your property. Other covers to be considered are Loss of Rent following an insured event as well as Malicious Damage and Theft by your Tenant.

If you have not checked your insurance it is advisable that you do so to ensure you are adequately covered.

What about Contents Insurance?

Yes, even if the property is unfurnished to protect standalone white goods, curtains & carpets.

If the property is furnished it is important to protect any valuable items including Accidental Damage to TV's, tables etc. If a leaseholder should also consider Leaseholder's Liability in case you are accidentally negligent i.e. a handle of kettle breaks off scolding a tenant or one of their visitors.

Leaseguard offer comprehensive Landlords Buildings and Contents Insurance. If you would like more information please visit the Landlords area of our site or contact a member of our Insurance team who will be more than happy to discuss your requirements.

Posted By Admin on Friday, March 26, 2010 | Type: Blog

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