How much is landlord insurance?
The cost of insurance for rental property owners is entirely dependent upon the property you own (size, price etc) and the tenants that inhabit it, as well as the type of insurance policy you select and the level of cover you may require.
As with the majority of insurance types, the insurance provider will calculate the cost of your insurance (your premium) based on the likelihood you’ll need to make a claim and how much the possible cost of a claim payout would be.
Something to note is that insurance providers may see tenant referencing as a good risk management, which could help them to create more personal terms and conditions to your policy.
How do you make a claim on your landlord insurance?
Claiming on your landlord insurance cover should not be an unpleasant experience, and at Van Mildert we are fully invested in supporting our clients in all eventualities. In the event of a need to claim please do not hesitate to contact us on 0191 256 0920 and we will allocate you a dedicated claims handler to begin proceedings. It is in your best interests that you contact your insurance provider as quickly as you can after the incident and this will help the speed by which your claim can be dealt with, especially if it is a more complex issue at stake.
Take note that if the claim is related to an issue of theft or serious property damage it is essential you notify the police immediately. This will ensure that you obtain a crime reference number, which will legitimate the claim made to your insurance provider.
What is the difference between landlord insurance and homeowners insurance?
The difference between landlord insurance and homeowners insurance can often create a point of confusion. If you have recently become a landlord you may be unsure as to why you are not simply covered by existing home insurance policies.
Landlord insurance may not be compulsory by law, however, when letting, it is extremely worthwhile to ensure you protect yourself and your property sufficiently as you will not be covered by simple home buildings and contents insurance policies. Landlord insurance is a more sophisticated policy cover that protects landlords from risks associated with their rental property. This can include building and contents insurance, as well as landlord specific covers such as property owners liability, loss of rent, protection against potential legal costs and tenant default insurance. Landlord insurance will thus cover you for the specific risks associated with rental properties which conventional home insurance policies are not designed to do.