Is Your Property Insurance Fit For Purpose?

Is Your Property Insurance Fit For Purpose?

Are you prepared? to pay for this.

Burst Water Main

Is Your Property Insurance Fit For Purpose?

Do you need to check your property insurance? Is it up to date?

You need to safeguard yourself from surprise property expense but does your existing insurance policy cut it? Most property insurance policies cover owner-occupied homes but do you have the Landlord Insurance that you should have?

If you're renting out a property as a Landlord and your insurer hasn't been informed, then they can deny coverage.  It's far better to let your insurer know you're renting out your property - and the costs aren't ususally very great - sometimes insuring a building as a Landlord can even save you money!

A landlords insurance policy should typically cover the strucure, ground and services of the property related to the home you're renting out.

Landlord Liability Protection

If the worst happens and someone is injured, or damage is done by your property, then the liability portion of a landlord insurance policy should help you pay for another person's medical bills, liability claims, legal expenses and the rectification of any insurerd problems.  

 Extra Coverage to Consider

Depending on the neighborhood, geographic area or condition of your rental property, you may want to consider adding on some optional coverages to your landlord policy.

  • dont forget to talk to your insurer about whether you can add on coverage to your landlord policy for the section of your property you're not renting out, such as outbuildings or items stored in loft spaces.

  • "Rent Insurance" is available - for roughly £10 per month it generally covers 5 of any 6 months rent however, this type of insurance does place a number of limitations on the type of tenants it applies to and the length of any tenancy.

Read the Small Print!

Don't forget to check your cover carefully, some insurers, for example 'Direct Line' are very picky about the type of tenant that you let to, often excluding those in receipt of Housing Benefit, and the length of any unoccupied periods at your property.

If you would like any further information - give Graham a call at Maher Ross on 01983 563000