Insurance Info

Whether you are a landlord with a portfolio of properties to be let out or just a single property, one common denominator shared by both landlord types is that let properties are an investment that need to be protected. Yet, according to the Association of Residential Letting Agents, landlords often overlook a key protection, that of adequate insurance coverage. Standard home insurance does not cover a property occupied by tenants, so in order to have effective protection landlords insurance is required.

Landlords insurance, also known as let property insurance, covers a number of different aspects and you can choose a policy type that best suits your particular needs. Bear in mind though when deciding what particular coverage you want your insurance to contain — such as building coverage or building and contents, legal expenses protection — it is crucial not to leave yourself underinsured since you do not want to be left in a situation of having to pay thousands out of pocket for an investment that is supposed to be making you money, not costing you money. Also be aware that the level of coverage you are able to receive and how much the policy costs you will be determined by the insurer depending on factors such as the type of tenant letting your property, with high risk tenants such as students looked upon less favorably than professional tenants. Continue reading ‘What You Need to Know About Landlords Insurance’ »

United Kingdom has adopted many laws that are still considered impossible by other countries. In fact, British are known for their rule of law and a serious effort by successive governments to ensure its supremacy over every citizen of the UK. The Financial Services Authority or FSA oversees insurance policies in the UK.

Among the different versions and types of insurance policies in the UK, landlords’ insurance is considered as one of the best ways to ensure protection of property owners from natural and fabricated disasters. Following is a brief introduction of landlords’ insurance and its significance in the property market.

Importance

Landlords insurance is necessary for those people who have rented out their properties to tenants. In this case, they are not eligible to apply for homeowners insurance, as they are not physically living in the house. In case of any property damage, they would not be able to claim any damages from an insurance company.

UK insurance companies have introduced landlords insurance for these people to help them in getting compensation and damage claims in case of any disaster at their properties. Any damage done by the tenants, including serious property vandalisation, is also covered under most landlords insurance companies. Continue reading ‘Landlords Insurance Explained’ »

If you own a block of flats, you probably have the insurance arranged already. What you may not have considered is that not all landlords’ insurance policies are the same. For example, the type of cover that is arranged for a private house may not adequately protect some interested parties such as leaseholders and their mortgage lenders.

Different insurance needs exist when looking at various forms of property; for example blocks of purpose-built flats are quite unlike houses that have been converted or, indeed, ordinary homes. The basics of cover may be similar, but the way insurance companies view the ‘risk’ will not be. This is because the property could be built differently, or occupied by more than one family, but the difference is far from academic; if your insurance is not the right sort, you could be landed with unpaid – or only partially met – claims.

Owners of blocks of flats should ensure that they have ultimate control of the insurance. Leaving it to the leaseholders or tenants could leave you with incomplete cover; but being in the driving seat also ensures that there is no debate over whether all parts of the building are covered. After all, if each flat were to be individually insured, questions could arise regarding whether the common parts are covered. Continue reading ‘Different Types Of Landlord Insurance’ »