Every landlord needs appropriate insurance for their rental properties. The correct landlord insurance policy can help to protect your investment
The Correct Cover
You should not rely on standard home insurance, you will need specialised landlord insurance. It is important to let the insurers know about your rental properties, otherwise your policy could be rendered invalid and therefore they would not pay out in the event of a claim.
Make sure you know what is covered under your policy, any excesses, terms and conditions and make sure that you are adequately covered for your requirements
Buildings and Contents Cover
Landlords are responsible for the bricks and mortar of their properties. Therefore you will require buildings insurance. If you are letting a furnished or part furnished property, then contents insurance will be required as well.
Even if the property is let unfurnished, it is worth considering fixtures and fittings cover for items such as carpets and curtains. Also, many contents insurance policies include a certain amount of personal liability cover.
One more important point, do not get caught underinsured. The cost of rebuilding a property will not be the same as the market value.
Avoid Invalidating your Insurance
It is always important to familiarise yourself with the contents of your policy such as telephone numbers and procedures should you need to make a claim.
Many policies will have certain criteria that you must adhere to such as making sure the property alarm is set, or making sure you disclose any criminal convictions of tenants etc. Most insurers will want to be told if the property is unoccupied for a length of time. It is important that the property is visited regularly during this time and that these visits are documented.
If you need any further help or advice or wish GSL Homestyle to visit your empty properties for you, please contact us.