When you are renting out your property, you put a lot of trust in your tenants. However, even with the best tenants, things can go wrong and accidents can happen. From accidental floods and fires, to furniture damage, theft and problems with plumbing there are a manner of issues that could go wrong. When you are a landlord, you cannot always be there to help matters, and therefore the best landlord insurance can be essential to put problems right and protect you from a costly bill.
Landlord insurance is a broad term, and different providers will offer a range of cover and policy types to protect you and your property from the potential risks. When purchasing insurance for landlords, it is important to consider that not every insurance policy will be the same, and may contain different types of cover.
Ultimately, finding the best landlord insurance for you will depend on your requirements and budget. However, there are ways to ensure that you are getting the best possible insurance. Here are just seven of the signs that you are getting the best landlord insurance.
Seven signs of the best landlord insurance
- Special deals
Insurers may offer a discount or special price for adding additional policies to your landlord insurance. By adding on an aspect such as contents insurance and buildings cover you may be able to save a considerable sum. Contents cover may be worthwhile for rental properties that are furnished and unfurnished too. For unfurnished properties contents, the cover will protect aspects such as white goods and flooring.
If you have multiple rental properties, you should be able to find an insurer that will offer you a discount for each property you add on to your account.
- Guaranteed income
A high-quality insurance provider will often offer, as an option, the chance to protect your rental income. This will provide you with rent that is unpaid by tenants or ex-tenants, to help you cover your mortgage payments or other expenses of the property. This unpaid rent can be included while you are in the process of evicting tenants.
Some insurers will also offer a percentage of your rental income while your property is vacant and you are undergoing repairs.
- Protects the tenants and visitors
Landlord insurance can protect the tenants and visitors as well as the property. With some insurers, you can include public liability insurance within your landlord policy. This can help to protect you from any claim made against you for accidents connected with your property. For example, public liability can protect contractors working in your property from injury caused by loose stair carpet, or damage to tenant’s possessions as a result of a burst pipe.
- Service level
As well as providing a policy that financially covers unforeseen circumstances, you want to be sure that, in the event of a claim, you have access to a friendly and helpful service team that will keep your request seamless and stress-free. For this, it may be wise to read reviews of providers and ask fellow landlords for recommendations.
- Covers legal costs
While many landlords do not want to consider it, you may have cause to evict tenants. As well as losing income, the legal fees of the eviction process can be extensive. Evicting as a process is extremely tricky and often in the tenant’s favour. When evicting a tenant, you need to be sure that it is legally compliant, which can be costly. Some landlord insurers will offer to cover the legal costs of eviction which may save you a great deal of stress and financial difficulty.
- Time urgency
In urgent situations, you may need an insurance provider that will offer quick resolutions and instant payouts. Some insurers may take time to provide you with payment which may be acceptable for your needs, but for some landlords, they may need to ensure they will receive a prompt payment to help their financial situation.
Accidents can happen at any time, and as a landlord, you may not always be available. One helpful feature in some landlord insurance policies is emergency cover. The emergency cover gives tenants access to qualified tradespeople as soon as an issue arises. This means that people can find a solution quickly rather than starting a long trail of communication.
From boiler breakdowns to tenants locking themselves out, the emergency cover can help deal with urgent situations without taking up your time or costs. Some insurers will even offer alternative accommodation for tenants if it is required.