Landlord Insurance offers protection to landlords that rent out their property to the public. Having the right level of cover means that landlords can protect their buildings, its contents and claim any loss of rent. At Call Wiser, we work with the leading home insurance providers to find you the best Landlord Insurance in the UK.
Landlord Insurance provides financial protection in the event that a landlord’s property is damaged or stolen.
Landlords that own or manage a property rely on renting out rooms to the public in order to generate their income. Landlords have to ensure that their flat or house is in good condition so that they can charge enough rent to make a profit. So in the event of a fire, flood, vandalism or peril, landlords need to have insurance to cover any repairs quickly so that the property is in still in a viable state.
For anything that needs replacing in the property such as floors, walls, electrics and white goods, the responsibility falls on the landlord to replace it and not the tenant. Therefore, it helps for the landlord to have the right cover in place to pay for any repairs, damages or replacements.
Owning a property and renting it out is a big responsibility and investment. Landlords spend a lot of money making sure the house or flat they are renting out is in great condition for their tenants. In addition to charging rent, landlords also consider the long-term goal of selling their property and making a profit. With this in mind, it makes sense to have Landlord Insurance to maintain the property and investment.
Without Landlord Insurance, you will be forced to pay for any repairs and damages out of your pocket. Considering that the average buildings claim in the UK is around £20,000 a year, not having adequate protection may cause a significant loss of income.
Landlords Buildings Insurance is the most basic form of cover and offers protection for the costs required to repair physical parts of the building including walls, fittings, roofs and windows. This is usually as a result of fire, flood or vandalism. Damages to a fence is not covered because this is not part of the property. Also not included in Landlord Buildings Insurance is any damage as a result of earthquakes or anything caused by birds, insects or pests.
Landlord Contents Insurance allows landlords to repair and replace any goods that are stolen or damaged. Personal items that belong to tenants are usually insured at their own peril such as mobile phones and laptops – so a landlord would not be held responsible; Contents Insurance for Landlords is more likely to cover communal items such as TVs and furniture. It is always worth over-insuring these items because insurers will typically pay what the item is worth in its current state. For example, insurers will pay out very little for a TV that is 10 years old and it may not be enough to replace it with a new one.
Loss of Income Insurance is used by landlords who are trying to recover rent from tenants which has gone unpaid. This could be due to major repairs which need to be completed, so rent cannot be charged, or because the tenant is behind on their payments.
Since the rent you get from tenants might be crucial to your income, you would need that insurance in place to cover any losses. Loss of Rent Insurance will cover the losses of income and the potential legal fees required to chase up repayments.
Property Owners Insurance offers cover for any injuries or damages sustained to third parties as a result of your property. For example, if there is a burst pipe in your house and the water leaks through to your neighbour’s house, having Property Owners Insurance will allow you to pay for their damages and compensation.
At Call Wiser, we offer an easier way to compare Landlord Insurance. We work with a panel of the leading insurance companies in the UK to get the best deal for you. Using a comparison service allows you to find the best rates and also get a number of quotes at once, rather than having to get a price from each insurer one by one.
Our Landlord Insurance comparison service is completely free and always will be. There are no upfront or hidden fees and it doesn’t cost anything to call us from a landline or mobile. So why not call today for a free no obligation quote?