Landlord Insurance – Points to be noted

Landlord Insurance is one of the most important purchases any private rental landlord can make. Not only does a landlord insurance policy cover everything that a homeowner policy does, it also covers things like loss of rent in the case of an insured event, legal costs and damage caused to your property by tenants.

Not all landlord policies are as good as the next though, and some can work out to be an expensive investment for little return. With this mind you should use the following tips to help save you money on your policy whilst also safeguarding one of the biggest investments you’ll ever make…your private rental property.You may find more information at residential landlord insurance.

  1. Shop Around

It doesn’t matter whether its landlord insurance, homeowner insurance or any other type of insurance, you must make an effort to research the available options before signing on the dotted line. There are hundreds of insurance providers around the UK and today the vast majority of buy to let mortgage lenders also offer competitive landlord insurance.

  1. Look for a Flexible Policy

A lot of landlord insurance policies are designed along the same lines and understandably the majority covers the same types of things as standard. It may be though that some of the things covered as standard aren’t actually vital, or even necessary. Some insurance providers will allow you to pick and choose, to a certain extent, what you want your policy to cover, and these are the providers to research initially.

  1. Read the Small Print

In addition to choosing what extras you want your landlord insurance policy to cover, you’ll also want to check that it covers all of the essentials and the conditions under which the essentials are covered; hence you need to read the fine print. As you no doubt know all insurance policies come with a long list of confusing terms and conditions and it only takes one ambiguous term to leave you without cover following an accident.

  1. Consider Portfolio Insurance

Portfolio insurance is a special type of landlord insurance aimed at those landlords with two or more rental properties. It allows you to put your complete buy to let property portfolio on a single policy, rather than taking out an individual policy for each individual property. Residential, commercial and mixed use properties can all be covered with portfolio insurance, and you’ll know that everything essential is covered for every single property.