Landlords Contents Insurance
If you're a landlord that owns property for example as a buy to let and your tenants are not insuring your contents (if you are renting your house or flat as partly or fully furnished) then you'll need to cover yourself with your own landlord contents insurance to mitigate your liability.
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It's now quick and easy to get an online quote from trained insurance specialists to obtain an insurance policy and these days due to the number of buy to let landlords there is plenty of competition in the market place to not only get the cheapest cover but possibly get it for free when you also buy property insurance as with most residential dwellings.
If you are a landlord that has multiple properties then most brokers can negotiate a large discount on subsequent properties.
Typical Cover
With each policy you need to ensure that all your contents are fully covered against accidental damage (which happens a lot in rented properties), malicious damage by tenants, and cover for when the property is unoccupied. Also look at whether the policy covers for new for old rather than just today's value of the item you are claiming for.
Some of the contents you need to have insured include the following:
- Fixtures and fittings including settees, chairs, tables, beds, cabinets in any room in the house or flat including bedrooms, lounge, dining room and kitchen. Some of these may be covered under a building insurance policy and if you rent an apartment it may be covered in your annual service charge so check with the maintenance company first.
- Carpets and laminate floors wear and damage very easily and are not cheap to replace so ensure your policy includes for accidental damage.
Cover Inclusions and Insurance Checks
With all insurance policies you'll need to make clear any potential material facts and risks associated with your property and check to see if the policy covers you. For example
- Are your tenants students or DSS housing association renters from local authorities - some policies allow for these people to rent from you but other may charge an additional premium
- Will the tenants need to be re-housed if something occurred that meant the property was not available to be rented, for example flood damage or storm damage ?
- Policy excess - sometimes it's not even worth claiming on your policy because you have an excess - normally around £200 but this can be reduced if you increase your premium
- If the property is unoccupied you still want your contents insured just in case of fire or theft - check that the wording of your policy covers you for these circumstances
- General wear and tear is unlikely to be covered but in some circumstances it is. Again check the policy for full details or ask your broker for more information.
Ways to Get Cheap Contents Insurance
Like all insurance landlords insurance is no different in that you can obtain discounts under certain circumstances to reduce your annual premium and these include:
- Having a portfolio of buy to let properties in that you obtain a volume discount
- Buying online from most insurance companies provide you with an online discount of between 10% - 25% as the costs of providing the cover online are reduced for the insurance company and they are passed onto you
- Buying contents insurance with building insurance normally provide a discount and sometimes the contents insurance is free when you take out buildings insurance
- If you are simply a landlord operating many properties you should be able to negotiate a discount
Compare against several quotes first to ensure you get the best deal in terms of your premium, the excess payable, the amount of cover provided and whether it includes accidental damage. Cheap and effective landlord contents insurance is available through many brokers and insurance companies.
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