Landlord Insurance Cover In The United Kingdom

There has been an increase in the demand for landlords insurance during the past ten years or so in the United Kingdom. People are looking to buy and lease property mainly as a way to supplement their savings as an alternative to relying on pensions and other sources of income.

When you go to various homeowner insurance price comparison website, you will usually see a section devoted to landlords insurance cover in the United Kingdom. You will also find that the list of insurers that offer landlords insurance cover has grown, giving you the opportunity to be more selective about the policy you choose.

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.

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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 cover.

Landlords insurance is sometimes referred to as "Buy to Let Insurance" and will likely offer many benefits that standard homeowner insurance does not offer. It will usually cover major issues like floods, fires, leaky or burst pipes and theft. It could also offer add on cover for home emergency, rent loss, damages by tenant and liability cover in the event a tenant is injured and claims it was due to your neglect. If you are looking for the cheapest landlord insurance, many of the above mentioned will likely be add ons, but most are necessary and paying an additional premium could save you money in the long run.

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.