5 top tips on landlords contents insurance

February 19, 2013

Landlords Insurance

Although the subject of contents insurance may seem to be intuitively straightforward, in fact there are a number of things to consider when you are purchasing this type of cover:

  1. do you need it?  In some circumstances, it might be advisable to think twice whether it is actually cost-effective for you to purchase landlords’ contents insurance at all.  Classic examples might include situations where you were letting your house or flat unfurnished or where your furnishings and contents were relatively basic and of low value;
  2. what does it cover?  This is really just a general but important point relating to the significance of any insurance policy’s terms and conditions. For example, you might find that certain categories of contents are not covered at all and that is something you may want to know about in advance rather than after the event;
  3. are you pushing up the premium unnecessarily?  Certain categories of goods typically worry the providers of let property contents insurance, possibly including things such as high value entertainment systems, flat screen TVs, computers, electronic gadgets, antiques and designer-label furnishings. Even if the policy agrees to cover them, it might add significantly to the premium.  You may wish to question whether your business model makes it absolutely necessary for you to put these types of contents into your property;
  4. have you taken a full inventory?  It is all too easy to underestimate the value of contents and one way to avoid doing so is to take a full room-by-room inventory of all of your contents and allocate a value to them individually.  You should arguably be doing this anyway, as part of good landlord practice relating to inventories and tenancy agreements etc ;
  5. do all of your contents conform to legal requirements?  Remember that there are safety regulations governing things such as electrical appliances and portable fuel heaters as well as some furnishings etc.  If these have not met the requirements of safety checks then not only may they not be covered but they might easily invalidate significant components of your overall landlords’ insurance.

At CIA Insurance, we recognise that it isn’t always easy to form a strategy for the protection of your contents in a let property. That’s why we will always work with you to understand your exact situation and to try and help you identify the most appropriate way forward.

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