Category Archives: Rent Guarantee Insurance

Landlord insurance onlineDo you have appropriate landlord’s insurance?According to a recent study by Redbrick, the “buy to let” insurer, about 1/3 of all UK landlords lack any kind of insurance tailored specifically for landlords. the conclusion from that information is that one of three landlords has improper insurance coverage or they have no coverage at all. if you are a landlord and unsure of the kind insurance you have, log on to the internet and research what is offered by landlord insurance online.the usual homeowner’s policy has provisions stating that the owner must occupy the property insured. this means that claims for deliberately caused damage by renters may not be covered and the landlord is in the position of not being paid for a claim. in fact, many insurance companies reject all claims if they are unaware a property is rented.Buildings and ContentsThe two most important insurances that you should consider as a landlord are buildings and contents insurance. There are many websites in the UK which allow you to research landlord insurance online and to research the benefits and costs of such policies.Landlord buildings insurance covers the property in the event of damage through storm, flood or fire and also any ‘loss of rent’ if the property is unable to be inhabited due to damage covered under the policy.for example, if your tenant floods the property or blows up the boiler, you will want to be sure that you are covered.the landlord buildings insurance policy may provide coverage for certain fittings or fixtures. the contents insurance usually extends protection to furnishings and equipment on the rental property. the basis for damage recovery is usually on what is known as the “new for old” basis. Items covered may include gardening implements and other equipment stored in sheds and garages.other Landlord InsuranceThe Redbrick survey also found that only twelve percent of landlords have combined legal expenses and rent guarantee insurance. this is particularly worrying in an economic climate where most landlords are anticipating rent arrears to increase.Legal expenses provision is intended to cover tenant eviction, squatter removal, attempted collection of rent arrears, and compensation for property damage not covered by a tenant deposit. it is possible to add rent guarantee to your policy that pays the rent if a tenant defaults. be aware that claims are paid only under strict guidelines so read the policy’s small print.Click here for more information on Landlord Insurance and Landlord Insurance Quote and Low Cost Landlord Insurance