Landlord Insurance Cover In The United Kingdom
Why Do I Need landlords insurance?
Unfortunately, many landlords in the UK have had problems renting out their property. There are many tenants who abandon property without paying rent. There are also those tenants who have no respect for the property or its owner, leaving lets vandalised and in need of major repairs. With a landlords special insurance policy, damages left by tenants will likely be covered, although malicious damages might be considered an add on by some insurers. A landlord can also purchase rent guarantee insurance to try to recover any rent unpaid or policy excesses.
There are some landlords in
the UK who try to use their home insurance to cover their rental property.
This is considered non disclosure by insurers and can be a reason to
cancel your policy. It also could lead to the insurer refusing to pay
unpaid claims, as well as refusing to provide with any future insurance
Limit Your Risk
In order to reduce the risk
of leasing your property to an undesirable tenant, make sure you let the
tenant know you will be inspecting your property on a regular basis.
Always insist that payments be made by cheque or BACS. Never accept cash.
If you sense anything suspicious like blocked windows, contact the police
immediately. There is a problem in the UK with tenants renting property to
grow cannabis. In addition to looking for blocked windows, persistent
condensation around windows or any padlocked doors can be an indication
that your home is a cannabis farm.