Landlord insurance, also frequently known, as a purchase to let insurance is something a landlord should start to contemplate even as early as considering the purchase of a property. Failure to put in place landlord insurance on a property could leave you with nothing to show for your money should something go wrong.
Landlord insurance policy
Many landlords will wrongly be under the feeling that their quality household insurance will still cover the property while they rent it out, this is often not the case.
Landlord insurance is accidental damage
The second option available landlord insurance is accidental damage for buildings and/or contents. It is important to note that most insurers charge extra for accidental damage cover and many will not offer such cover for contents. As noted above landlord insurance property owners liability usually comes as standard with a landlord insurance policy.
Landlord insurance excess policy
The landlord insurances excess of a policy is how much you must pay when making a claim. The excess on a policy will vary between different insurers and a discount on the premium is often offered in exchange for a higher excess. As above the standard excess on a policy will often vary from £50 upwards while a subsidence excess of £1000 is usual with most insurers.
Insurance property of the landlord insurance
Something to be aware of when insuring the property of the landlord insurance is that you need to ensure it for the reinstatement value and not the sale value. The only accurate way to obtain the reinstatement value is to have a structural survey undertaken by professionals.