Landlords Insurance is a different type of Insurance to standard Home Buildings and contents Insurance, standard Home Insurance policies do not cover many of the contingencies required by Landlords Insurance.
There are various specific unique insurance covers needed such as Property Owners Liability Insurance, this is cover for the Landlord or Property Owner. This will cover for injury to the general Public as part of the Landlords buildings Insurance. A common claim could be, for instance, where a loose roof tile comes off in a storm and hits either a third party person or third party’s property. In such a case it is then that Property Owners Liability Insurance, which is part of the covers JustQuoteMe Landlords Insurance provides, comes into its own.
How do you compare Landlords Insurance quotes and what does it cover?
First of all, compare the small print detail of the Landlords Insurance. Look at each individual section of the policy and compare your shortlisted policies side by side.
Another cover section that is unique to Landlords Insurance or Property Owners Insurance is that this type of Insurance cover helps with Loss Of Rent.
Quite often, during a major loss, the landlord or property owner can be left waiting to get repairs effected and will be in the hands of builders until the repair work is completed. It is one thing to rebuild the property, or repair property damage, but what about the loss of rental income during this period? Well this is where this cover section can prove to be invaluable for property owners and landlords. It means that any of our clients, with Landlords Insurance and Property Owners Insurance cover, can continue with their lives whilst the bricks and mortar are replaced!
And what about the all-important buildings sum insured amount you may ask? Well, what on earth do you, as a landlord seeking property owners insurance, set the sum insured to? Here is a bit of a tip regarding the buildings sum insured – it should be set for the cost of any potential rebuild and not the saleable value of the property!
Remember, a property in for instance London, may sell for ten times the value of a property in the North of the UK, but the rebuild cost is virtually the same. It is the same give or take the varying builders rates in different areas, so be careful when setting the building sum insured! Make sure that it covers just the rebuild cost. We would also always advise a contingency of, say 15%, on top of that figure for debris removal too. This is because the builders will have to clear the site before they can actually make a start and commence the rebuild!
Our Property Owners Insurance and Landlord Insurance Cover
Our unique Landlords Insurance can also accommodate ‘Landlords contents Insurance’. This is great if you provide, for instance, white goods or basic furniture which in the event of a total loss you would want repayment for. In this way, you can mitigate your risk as a property owner and this is another option we can incorporate for you.
Rent guarantee and Landlords legal expenses are another key area that a lot of providers forget to either advise on or can’t actually offer cover for. JustQuoteMe can offer both and, bear in mind, Rent Guarantee Insurance covers the Landlord for loss of rent subject to the tenant not paying the rent. This is known as an insured peril! If you have a large portfolio of property then this type of cover can prove to be invaluable. Finally, Landlords legal expenses covers you for legal disputes with Tenants etc. and assist both parties in, hopefully, coming to an amicable agreement.
Landlords and Property Owners Insurance cover can be a bit of a minefield but, with the right policy in place, you can rest easy with Just Quote Me!
To get a FREE no obligation Landlord Insurance quote go to our online Quote System or call us on 0800 084 2325.
