Get it right with a let property insurance policy
Announcing the launch of DP Media’s specialist landlord insurance quote comparison portal.
Landlords! Are you aware that your future investment property could well be in danger? NO? Do you realise that a good proportion of properties that are let out are uninsured or covered as a normal domestic policy. If insured as a domestic home insurance policy, in the event of a claim the insurer may well refuse to pay as they will not cover the let aspect of the risk. The thing is a lot of new landlords assume that let property insurance is more expensive? The truth of the matter is, sometimes it can be actually cheaper. Surprised? The added elements to cover you for a rental property realistically mean that the policy itself isn’t a great deal different. Sure, you will need extra liability cover, yes the excess ( your contribution to any claim) will be bigger, insurers will charge more to cover what they regard as “ higher risk” tenants such as students, asylum seekers, DSS etc are more involved , but not impossible to cater for.
Duties and responsibilities as a landlord must also be adhered to rigorously. The property must be fully compliant with current legislation, there can be no shortcuts in doing this, and it will only result in problems and, possibly a claim refused. The current legislation is always being updated; current lighting, electrical, fire, and safety are paramount to protect yourself and the tenant in the event of any mishaps! Everyone has heard of landlord stories that have made the news, where doors were locked, smoke alarms weren’t installed, gas safe inspections weren’t carried out. The truth is that these types of incidents are getting less due to better knowledge.
Landlords also worry about the suitability of certain properties that they might own as to whether they can insure it, it may be a commercial property converted to lets, a pub maybe, a thatched cottage, maisonettes etc, all are insurable if its compliant it can be insured. We know of several old windmills and the odd lighthouse which is tenanted, (albeit they tend to be holiday lets rather than long term occupancies).
At DP Media we have specialist landlord insurers who in many cases have years of experience in this genre of insurance , they have also negotiated schemes , deals and offers to make the rather tedious task of arranging this vital kind of cover relatively easy – so come on give it a try? You have lots to loose if you don t get it right.
Related posts:
- What is included in a landlord home insurance policy?
- Squatters and Empty Property
- More unoccupied houses as property prices drop again.
- Landlord insurance policy checklist
- Let Property Preparations
- 2012 set for reduction in landlord property growth
- Preparing a rental property for Letting
- Property Letting Business
- What to Look for in a Buy to Let Property
- Landlords Rental Income versus Property Value
