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| Insurance Services |
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Insurance
Whilst we cannot give advice or sell any specific products we would recommend landlords consider the following:
Buildings insurance
If you have leasehold property then you will need to inform your superior landlord if they are responsible for insuring the building. If you own the property or are responsible for the building insurance then you will need to inform your insurance company that you now have tenants or your current buildings insurance may be invalid. You will almost certainly need to change your existing domestic policy to a commercial policy if you have not already done so.
Contents insurance
This is worth considering even if you are letting a property unfurnished as it will cover damage to fixture and fittings not normally covered by buildings insurance. In addition, it usually includes some cover for personal liability. There are various levels of cover including new for old. (A tenant's deposit allows for fair wear and tear so does not cover new for old.) Again if you have domestic contents insurance you will almost certainly have to change to a commercial product.
Rent guarantee insurance
When a tenant stops paying the rent it can take an average of 6 months to resolve the dispute. You could therefore find yourself thousands of pounds out of pocket if things go wrong. Rent guarantee insurance is an inexpensive and cost effective solution to this problem.
Legal expenses insurance
As well as the issue of rent collection, your tenants may damage or remove your personal possessions, or they may cause a nuisance to your neighbours. All these problems can be resolved by legal action but this is expensive. Legal expenses insurance will cover you for up to £50,000 of legal costs.
Emergency assistance insurance
As the name suggests, this covers emergency call costs which are often late at night and usually mean expensive call out fees. This type of insurance will usually cover you for up to £500 per incident.
How Birch Meadow Lettings can help
We are an introducer appointed representative for HomeLet Insurance. As such we are able to give information about a variety of different insurance products designed specifically for landlords. |
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