Landlord Insurance

FAQs

 

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.

Landlord Insurance

3 things you need to know about Landlord Insurance

As mentioned landlord insurance isn’t a legal requirement. However, if you are planning to rent out your property you will not be sufficiently covered by standardised home insurance policies. This is because insurance providers view the risk of having tenants living in a property differently and most likely higher to simply a homeowner living in it. Henceforth, they need to protect both you and themselves against the different kinds of risk that may present themselves. Additionally, it is often a requirement of mortgage lenders.

Be honest! The strength of your policy is based upon the honesty of your application, so be sure to fully disclose the type of tenant that will be inhabiting your property to your insurance provider. This is extremely important as the type of cover you will need for a student tenant as opposed to retiree will differ immensely because of the contrasting risk levels of the tenant group. Not every insurer is willing to cover all types of tenants so be clear from the outset to ensure your policy is not invalidated.

It is essential you install smoke and carbon monoxide alarms in your property or you could invalidate your policy. This is now a government-backed landlord responsibility and one that should not be treated carelessly, alarms should be placed on every floor of a property and tested frequently.

Keep your investment safe with Landlord Insurance

 

Van Mildert understands the level of investment customers make into their rental properties and the consequential need to keep these properties securely protected. Taking out landlord insurance is a, therefore, a necessity and will ensure your rental activities are protected by a dedicated insurance policy.

Finding the best policy for you

Finding the best landlord insurance policy for you can often be a challenge, so here are some points of advice to follow…

  • It is essential to be aware that every property is different in its own right and therefore it is critical to seek out a policy that suits your specific needs. By using a company that also understands this, you will be able to work together to select and tailor a personalised policy for you. Make sure your insurer understands you circumstance to get the most out of your relationship and subsequent policy protection.
  • Use comparison sites – If you are a long-time landlord you will be well versed in the trials and tribulations of finding landlord insurance. Searching for policies can be tedious and time-consuming so we recommend trying out comparison websites. They can save you a great deal of time, giving you immediate access to a great variety of rentalproperty insurance quotes so you can make sure to choose the best option for your property and financial situation. Be aware, comparison sites may let you compare insurers quickly, however, they will not include the whole market as many deals are only available direct from an insurers website.
  • Still searching? Why not go down the route of using a specialist landlord insurance broker. If you are finding the nature of your property type challenging a specialist broker could be a huge help in finding the suitable cover for your needs. Give the British Insurance Brokers’ Associations search tool a go!
  • Check, check and check again! You may think you have found the cheapest quote for your requirements, however, you must be certain of the small print of the policy. Double check your quote and pay close attention to the policy details before going ahead. You can also check company reviews using a peer review platform such as Feefo.

As with any big decision, be sure to do your research and don’t leave yourself feeling unprotected by your insurer.

To get a landlord insurance quote contact our team today. We will get one of our in-house experts to get back to you as soon as they are able and begin an application for a landlord insurance policy cover that suits your needs.