A quick guide to landlord insurance…

November 3, 2011

CIA Let Property Blog

You may need cover for a burst pipe...

One of the most important things you can do as a landlord, is get landlord insurance. Sometimes known as ‘buy – to – let insurance’, it is very important to have this in place to protect a landlord’s property.

By being a landlord, you have to rely mainly on constant revenues from your property to give you earnings, to help prevent any cuts to your stream of income you must have landlord insurance in place. a normal home insurance will not provide you with that type of cover. It is the best investment you could make for anyone from a lone property owner to the professional portfolio manager.

The different covers that are available should be easy to understand and can be self explaitory.

Landlord building insurance will cover you for any damage to your property, for example any damage from fire or a burst pipe. You can also get a combined buildings and contents insurance which will include cover to your fixtures and fittings, or if you wish you can have this on it’s own.

There is also public liability insurancewhich will protect you and your business from claims due to third party damage, this could be from a tenant living in your property or their guest getting an injury because of something faulty hat you didn’t know about.

Public liability cover is important!

If you have more of a business made out of being a landlord and you end up having to hire employees, you must as a legal requirement have employers’ liability insurance. This is to cover you from any compentation claims because of an injury caused in the workplace. An employee that is injured due to their employer’s negligence can still seek compensation even if the business goes into liquidation or receivership. Employers’ liability insurance policy will automatically cover £10 million.

There will be a few things that will affect your premium, if you are in a position to buy, renew or change a landlord insurance policy. Insurers will assess a wide range of different factors when looking into how much your premium will be, this will include:

  • The location of the property – This is usually judged by the postcode
  • The type of tenants in the property – DSS, Asylum Seeker , Professional working
  • How secure the property is – Locks on doors, alarms ect
  • Any past history of claims
  • How old the property is
  • The type of property it is

CIA Insurance can help you with all of these, if you visit our website http://www.cia-landlords.co.uk/ and click on ‘quote’ one of our experienced sales advisors will give you a call and guide you through everything and also they are there to advise you.

Alternatively you can call us on 0844 888 0208 or email us info@cia-insurance.co.uk 

 

Source – www.hip-consultant.co.uk and CIA Insurance

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