If you're in the trade of acting as a landlord for one or more properties, finding the right home insurance can be more complex than it is for regular homeowners. So what do you need to consider?
In terms of buildings insurance, your needs are just the same as a typical homeowner - you need to cover the rebuild value of the property as the home is yours and if it were to burn down or require significant repairs after storm damage it would be you who is left out of pocket.
Where home insurance differs for landlords is in terms of contents insurance. You may think you can do without it if the home is unfurnished, however, you will still need to cover the carpet, curtains and anything else that is not part of the permanent fixtures and fittings, so you can't afford to sacrifice contents cover altogether.
There are many unique policies on the market designed for landlords under the banner of 'buy-to-let home insurance'. These should offer unique policy features that are designed specifically for landlords.
Among the features to look out for are different levels of contents cover depending on whether you have furnished the property or not; replacement locks and keys in case a tenant misplaces your keys; liability insurance in case anyone hurts themselves within the property; and cover for the loss of rent if the house suffers serious damage and has to remain unoccupied for an extended period.
Also make sure you are covered for the types of tenants that stay in your home. Some insurers will not cover unemployed or student tenants as they are generally deemed less responsible and more likely to cause damage in the home.
Subscribe to:
Post Comments (Atom)
1 comments:
Home insurance policy is a must to cover the property from a number of unforeseen risks. But it will just cover the buildings not the content. So I wanted to know that if their is any policy type that will provide coverage for the content and the property as well.
Post a Comment