Landlord Insurance Building & contents
Like any business, one of the critical things for any landlord is getting proper landlord insurance. Failure to get the correct landlord insurance on any level could prove to be a very costly mistake. As a landlord you are effectively running a property business. As such your main asset is obviously your buy-to-let property investment and it’s critical that you safeguard the value of this with the correct landlord insurance should disaster strike.
Do I need specialist landlord insurance?
Because of the nature of buy-to-let it is necessary to have specialist landlord insurance. This is because most household policies offer no cover for buildings, contents and landlord’s (property owner’s) third party liabilities; while the property is being let out.
What does my landlord insurance actually cover?
Most landlord insurance policies have two elements to them. The bulk of any expense relates to insuring the structure of the building. Most landlord insurance policies also cover fixtures and fittings which include such items as: carpets, laminate flooring, kitchens, bathrooms, white goods, light fittings and curtains. This landlord insurance cover is perfectly adequate for most landlords that let out an unfurnished property. It is worth checking that the landlord insurance policy has some provision for cover against accidental breakage of sanitary fittings and fixed glass such as windows as these are one of the most common areas of damage and therefore potential claim on the landlord insurance. One thing to be aware of with landlord insurance is that theft is only covered if there has been ‘forcible or violent entry or exit’. This effectively excludes the situation where your tenants decide to make off with your appliances and kitchen for example. This is why having an adequate deposit is vital as this might ot be covered within the landlord insurance.
It is also possible for landlords to insure separately any contents in the property such as furniture. Again the landlord insurance policy will only protect you against damage by the tenants not property theft.
Calculating the buildings cover for landlord insurance.
The level of landlord insurance buildings cover will depend on a number of factors that relate to the rebuilding cost of your specific property. It is possible to carry out a pretty accurate estimation for a landlord insurance quote of this using the Building Cost Information Service (BCIS) which is part of the RICS. This calculator takes account of the area that the building to be insured is in, the type of property and its’ construction and will then generate a reinstatement value on which to base the level of landlord insurance you require.
Things to watch out for with landlord insurance:
There are a few things that the novice or first time buy-to-letter should be aware of with landlord insurance:
Property Hawk recommends Alan Boswells Landlord Insurance, we’ve found them to be competitive on price as well as very comprehensive on cover and have partnered with them to obtain special discounted rates on landord insurance for Property Hawk users.
Every landlord requires at the very least landlord building insurance for their properties. Next to a mortgage, landlord insurance is typically the next largest expense and therefore it’s worth shopping around to get the best landlord insurance deals.
FORMS FOR LETTING PROPERTY
FINANCE AND TAX ON RENTAL PROPERTY
RENTAL PROPERTY REGULATIONS
INVESTING IN BTL PROPERTY
WHAT TO BUY
BUYING OFF PLAN
KNOWING THE RISKS
MANAGING YOUR RENTAL PROPERTY
NON - PAYMENT OF RENT
GETTING YOUR MONEY BACK
THE TENANT WONT MOVE OUT
THE TENANT DOES A BUNK
RAISING THE RENT
REDUCING THE RENT
REPAYING THE TENANCY DEPOSIT
DAMP, MOULD AND CONDENSATION
LETTING RENTAL PROPERTY
LEGISLATION ON LETTING PROPERTY
ALTERNATIVE DISPUTE RESOLUTION
HOUSING ACT APPEAL DISPUTES
THE LANDS TRIBUNAL
RIGHTS OF LIGHT APPLICATION
APPEALS FROM LEASEHOLD VALUATION TRIBUNALS (LVT's)
POSSESSION - SECTION 8 NOTICE
POSSESSION - SECTION 21 NOTICE
SECTION 21 TIMETABLE AND PROCESS
GROUNDS FOR POSSESSION
HARASSMENT BY LANDLORDS
RENT DISPUTES BETWEEN LANDLORD & TENANT
FAIR RENT (RAC)
MARKET RENT UNDER AST
LEASEHOLD VALUATION TRIBUNALS
MODIFICATION OF RESTRICTIVE COVENANTS