Although the buy-to-let market isn’t as buoyant as it was a decade ago, at Crawford Mulholland we still have clients – mainly aged 35-55 – who have buy-to-let properties that they rent out on a short or tong-term basis.
Regardless of whether you have one buy-to-let property or ten, the one thing you must have is landlords’ insurance.
Landlords’ insurance provides similar coverage to that of a standard homeowner’s insurance policy. It is, however, written to specifically protect against risks that you’re likely to face as a landlord, such as the increased risk of injury liability to your tenant and the potential loss of rental income if you experience a period with no tenant.
It’s because of this additional coverage, and indeed the fact that rental properties are riskier to insure in general that makes landlords’ insurance policies more expensive than the homeowner variety.
It is, however, vital that you have this type of insurance as, if your rental home is damaged in any way, you may be denied coverage if you only have a standard homeowner’s insurance policy.
Speaking of coverage, most landlords’ insurance policies offer protection from three types of losses:
This is similar to dwelling coverage under a homeowner’s insurance policy and covers damage to the structure of your home from things like fire, wind or snow. It also covers your personal property within the home, such as kitchen appliances or furniture. It’s a good idea to ensure that coverage for things like vandalism are added to the policy.
Landlords’ insurance protects you legally if someone – your tenant or a visitor, say – is injured on your property.
If your property is damaged in some way, such as by fire, and you’re not able to rent it out for a period of time, then the insurance policy may cover lost rental income.
Amazingly, despite the fact that landlords’ insurance is so vitally important in light of the above, we still have many clients, who either don’t take it out due to lack of information, or worry about taking it out due to what they view as a prohibitive cost.
That’s where our experience in this sector is invaluable.
In addition to the fact that we have many years’ experience in this area and are able to provide you with everything that you need to know with regard to this type of insurance, the fact that we have access to a wide range of insurers means that you’re not only guaranteed the best possible deal, but also the correct type of insurance for your rental property.
The market for this type of insurance has not only grown over the last few years, but has become increasingly competitive. Our finger is, however, on the pulse at all times, so you know that we have your best interests at heart at all times.
If you’re a landlord who is either considering a new policy, or a landlord, who thought that the insurance on the property was the tenant’s responsibility – and we’ve known this to happen! – call us today to organise a free initial appointment. We’ll make sure you’re fully covered on all fronts!
Call us now on 02890 665544 to set up an appointment.