Sadly, things sometimes go wrong in the business life of a landlord and that means that sometimes you may need to turn to your insurance policy.
Here are a few things that you may be looking for at such a time but which may not be included as standard (or available as an add-on) in all policies:
- a loss of rental income protection. If you have suffered an insured risk problem that results in you being unable to let out your property until repairs are carried out, you may be suffering a significant loss of income. Some policies may offer a contribution towards that;
- all tenants cover. Some policies may regard certain categories of tenant as being too high risky to cover. Those categories may vary but might include DSS tenants or students etc. That might cause you difficulties if you are letting to those categories, so searching for all tenant cover might be a good idea;
- third party liability. In fact, this might typically be included in even the cheapest landlord insurance but note that the maximum cover levels might vary. If one of your tenants successfully claims against you should they be injured as a result of your property, the court awards against you might be staggeringly high, so your policy’s maximum cover needs to be realistic;
- subsidence. Surprisingly, this potentially major risk (that may lead to the demolition of a property in some cases) is no longer necessarily automatically covered in all policies. That might not be something you’ll want to notice for the first time only when you’re trying to make a claim, so looking out for it before purchase might be sensible;
- malicious damage by tenants. Hopefully this is rare but unfortunately it is not entirely unknown. If it happens, you might wish to know that your policy will offer you appropriate cover.
When purchasing your policy, there might be a natural temptation to get it over and done with as fast as possible so that you can continue with your normal daily business.
The above points though should indicate that taking your time in policy selection might be advisable. You’ll be pleased to know, however, that all these elements of cover are available with our policies, ensuring you have comprehensive protection for your investment property.