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How does landlords insurance work and protect me?

Date Added: November 18, 2011 07:41:52 AM
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Category: Insurance directory

How does landlords insurance work and protect me?

If you own a property to let or rent whether it’s a home or office or some kind of industrial premises insurance should be the second expenditure after paying the loan on the property.

Being a landlord is a business for the long term and proper advice is necessary from insurance professionals or your accountant or lastly your solicitor. Those professionals should be able to help in insuring that you have adequately secured your investment for the long term.
Some tenants can be good, while others can cause damage and insurance for the building and its landlord’s contents is essential. Insurance of the property will help to minimise the risks against:

•    Accidental damage
•    Adverse weather damage
•    Cleaning stag or other third party company claims
•    Contents or possessions damage
•    Fire
•    Legal protection
•    Loss of rental cover
•    Public liability type claims
•    Theft
•    Third party claims
•    Water and electrical damage

Choosing the appropriate policy or insurance company will depend upon:

•    The excesses
•    The premiums
•    Extent of cover
•    Optional extras

This type of business will normally require:

•    Breakdown insurance
•    Employer’s liability insurance
•    Legal expenses cover
•    Mobile phone or gadget insurances
•    No claims bonus protection
•    Public liability insurance
•    Vehicle insurance
•    Rental insurance

Adjust the excess to see if the premiums result in any additional savings.

Read the landlords insurance term and conditions carefully and store the documents in an easy to find place.
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