If you have a property that you get income from through rent, then it may be advisable to have the protection of landlord insurance. UK cover is available through various forms of landlord insurance policy.
To really understand what cover a policy provides, it will be necessary to look carefully at the insurance provider’s documentation, including the buy to let insurance policy itself.
The cover provided will vary between insurers, as will their terms and conditions.
In today’s world with its heavy emphasis on cost, the terms and conditions are sometimes overlooked when thinking about landlord insurance. UK cover, and your ability to make claims against it, may be heavily affected by what are sometimes referred to as these “Ts and Cs”.
What sort of things might it be advisable to look for?
You may wish to consider:
- if your property is unoccupied for more than 30 consecutive days, your existing insurance may become invalid and you may be required to take out specific unoccupied property insurance (also known as vacant property insurance);
- some policies may have special provisions relating to flood risks for properties located in areas with a known history of flooding;
- is landlords subsidence cover included as standard? Not all insurers do offer this as a standard feature of your buy to let policy – the good news is that we do;
- your landlords contents insurance may be offered on either a new-for-old or market valuation basis – there may be a significant difference in the payout levels of these two forms of cover in the event of a claim;
- some policies providing landlord insurance may contain special provisions relating to things such as safety and security on your property;
- not all policies will cover malicious damage to your property or contents, caused by your tenant (though ours do);
- some policies may provide cover for legal fees where these arise as a result of an insured risk (so third party liability claim costs may be covered whereas typically, legal costs in trying to evict tenants may not be);
- some policies may require that you fit additional anti-burglary devices such as security locks and alarms etc.
All of these points, plus others, may make a significant difference to your perceptions of the suitability of a policy.
That’s why, when considering landlord insurance UK cover, reading those terms and conditions may be highly advisable.