Thinking about landlords contents insurance

January 30, 2012

Landlords Insurance

As the New Year is now upon us, it may be time to take stock of a number of things including landlords contents insurance.

Now, it is perhaps true that landlords insurance isn’t something that naturally drifts to the top of your attention list at any time of year but perhaps it should and facing the year ahead may be a natural opportunity for this to happen.

Of course, if you are letting your property on an unfurnished basis then you may not, in theory, need to worry too much about landlords contents insurance.

The theoretical qualification is used in the above sentence because even in such a situation, it might be a smart move to check carefully that items around your property that you think of as fittings are also considered fittings under the terms of your landlords buildings insurance.

In some cases, you may find the something you consider to be a fixture of fitting and therefore safely covered under buildings insurance is, in fact, considered by the insurance provider to be contents.

If you are letting out furnished, it may be a sensible idea to take a quick re-inventory of your property so as to realistically assess the value of your contents and what it might cost you to replace them.  That will allow you to check that your cover is sufficient.

It may also be worthwhile checking the detail of any existing let property insurance cover you have to remind yourself whether or not certain items or categories of item are excluded under the terms of your insurance policy.  You may also find that in some cases there is a maximum claim amount specified either for individual items or categories of items.

If you have more than one property under management, you may be able to take advantage of multi property insurance – something that may prove advantageous to you in terms of both money and time.

In the final analysis, reviewing your landlords contents insurance undoubtedly consumes a little of your time and as a busy landlord, you may face the temptation of simply ignoring it and carrying on with your existing situation.  If you are to fully protect your contents that may be a temptation worth resisting. Alternatively, of course, we can use our expertise to do this for you, so please feel free to get in touch.

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