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Owning rental property is a major investment, which is why protecting it with the right insurance is essential.
Whether you own a single buy-to-let or a whole property portfolio, having the right cover can save you from costly risks and unexpected losses. Here are four elements of cover that every landlord should consider:
1. Landlord’s Building Insurance
This forms the core of most landlord insurance UK policies. It covers the cost of repairing or rebuilding your property if it’s damaged by fire, flood, storm or an act of vandalism. Most mortgage lenders insist on this type of rental property insurance, as it protects the structure of your investment.
2. Landlord’s Contents Insurance
If your property is furnished, then Contents Insurance protects your fixtures, fittings and furniture from theft or damage. Tenants are responsible for insuring their own belongings, but your buy-to-let insurance should cover anything you provide inside the property, including curtains and carpets.
3. Property Owner’s Liability Cover
This protects you if a tenant, visitor or tradesperson is injured, or their belongings are damaged, and you are being held legally responsible. Liability claims can be expensive, so Property Owner’s Liability Cover can be a crucial part of any landlord insurance policy.
4. Loss of Rent and Alternative Accommodation Cover
If your property becomes uninhabitable after an insured event, this cover replaces lost rental income or pays for your tenants’ temporary accommodation, helping to make sure you don’t lose out financially. Your lease may also stipulate that you have to pay for alternative accommodation if your property cannot be lived in.
As well as the above, there are optional add-ons to consider too, such as accidental damage, pet damage, legal expenses or home emergency insurance for complete peace of mind.
If you’d like to make sure you’ve got the right landlord insurance to protect your property, income and reputation, then just give Prizm Solutions a call. Our friendly team will help you review your needs, to find a policy that’s perfect for you.
As well as the property insurances mentioned above, Prizm can help with many other property, business and personal insurance needs, including Renovation & Property Conversion Insurance, Rights of Light Insurance and Flood Insurance.
