As Commercial Plan Insurance sees an increase in customers from the buy-to-let market, landlords insurance specialist Nick Cole has some wise advise for those who are about to become landlords.
For these first-time landlords, getting adequate landlords insurance is an essential step to ensure they are covered against any number of pitfalls from unauthorised tenants refusing to leave, to loss of income should there be a fire at the property.
1) Many first time landlords think that they are covered by ordinary buildings and contents insurance, but any claim made on a normal household policy would usually be rejected. Therefore, specialist landlords insurance is vital to ensure that landlords are adequately protected. In fact, most buy-to-let mortgage companies insist that landlords have adequate landlords insurance as part of their contractual agreement.
2) Experienced landlords will know that landlords insurance gives them protection against a number of factors not included on a normal household policy. A good landlords insurance policy, like the ones we provide at Commercial Plan Insurance, can cover a landlord in the event of the loss of income. For example if a tenant vacates a property unexpectedly due to flooding or a fire.
3) In that situation should there be sufficient damage to the property the cost of re-housing a tenant whilst it is repaired, and should the property be furnished the cost of replacing the landlord’s contents will also be covered on a Landlords policy.
4) Many of our landlords insurance policies also offer protection against the cost of evicting unauthorised tenants and legal defence costs.
5) Landlords liability insurance is another important features of a landlords insurance. It will cover you should a tenant harm themselves due to something dangerous in the property, like a faulty light switch. The landlord liability insurance will pay for any damages that are awarded to a tenant, as well as any legal costs,” says .
So there you have it. A good quality landlords insurance policy which has been tailored to the customer will not only give landlords protection, but also peace of mind.
If handled correctly, being a landlord can be a lucrative and extremely satisfying career, or simply a great way to invest in property. And speaking to landlords insurance experts like those at Commercial Plan will enable you to get high-quality landlords insurance at the best possible rates.
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