Let Property Insurance

Buildings insurance covers repair costs if your property suffers damage due to:

• Natural disasters
• Fires
• Theft
• Vandalism

Landlord property insurance is like home insurance. The policy safeguards you from expenses to restore your building and any permanent fixtures that get caught in the crossfire.

Buildings insurance will cover damages to the windows and walls of your let, but it won’t account for your belongings left beyond them. That’s where landlord contents insurance fits into the picture.

Contents insurance protects any of your items within the let property, such as:

• Soft furnishings or cloth items;
• Furniture;
• Kitchen utensils;
• Electronic devices; and
• Any forms of entertainment

There’s no legal requirement to cover the cost of your tenants’ belongings. Their insurance policies will have to handle those losses.

As the name suggests, this plan accounts for instances where your tenants stop paying rent or fall short of their regular retainer.

If you decide to get a landlord insurance bundle, be sure to include these add-ons to your policy to improve your protection:

1. Rental income – which covers the difference if your tenant unexpectedly can’t pay their total rent for the month.
2. Loss of rent – which reimburses you if your tenant temporarily moves out to accommodate property repairs.

Most financial services will offer you some form of insurance cover for legal costs involving your tenant. In 2020 alone, the UK reported that at least half a million private tenants were in arrears and soon to be facing eviction.

Renting your property is a serious business, and payment issues often push landlords to take their occupants to court. However, that doesn’t make the process any less expensive.

Alternative accommodation helps property owners pay to place their tenants in temporary rehousing during insured events. For example, you may need to relocate your occupants while your plumber repairs a leaking pipe that’s flooding your building.

When most people rent out their building, they don’t expect to perform quite as many repairs that usually surface. Yet, incidental damages are a norm for many let properties.

Accidental damage compensates tenants for unexpected repairs made to their property or insured belongings. Broken Tupperware, stained rugs, and structural mishaps from DIY projects all warrant unintentional incidents.

On the other hand, intentional damage is a direct, malicious act from your tenants. The good thing is that landlords’ insurance typically covers these events as well – even if they deliberate.

Property owners’ liability is convenient for landlords who end up in specific high-expense legal issues with their renters. If a tenant or visitor suffers injuries or losses while on your let property, they have the right to take you to court.

It shares the same terms as a public liability insurance plan.

The liability cover will reimburse your litigation costs and the hospital bills or other fees associated with the accident.

A good landlord insurance policy will include coverage for periods when you’re not renting out your let property. Unoccupied buildings are more vulnerable to theft and vandalism since offenders know there won’t be anyone inside to catch them.

Some plans also compensate for damages from fires, floods, and liability matters. It would be wise to determine which incidents each company considers in their insurance quote before signing up.

An unoccupied property policy is ideal for landlords who are;

• Still searching for tenants.
• In-between renters.
• Renting out to students who travel on holidays.
• In the process of renovating their let.