Landlord Insurance UK
Landlord insurance in the UK is a policy that covers a house, flat or commercial property owner from financial losses connected with rental properties. The policy covers the building, with the option of insuring any contents that belong to the landlord that are inside.
The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage. Each policy is different and may or may not include all these items. Optional coverage might include accidental damage, terrorism, legal protection, alternative accommodation costs, contents, rent guarantee and public liability insurance.
Who Are The Landlords?
A person who owns and rents land, buildings or dwelling units. The properties may be used as homes or as commercial business property such as factories.
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Landlord Public Liability Insurance
One type of important policy is landlord public liability insurance.
PLI protects you financially if a tenant gets injured in your property, and it is found to be legally your fault.
Landlord liability insurance is designed to protect you in the event of a compensation claim made against you.
Claims of this sort can be financially crippling, and can arise from something as simple as a sink unit leaking water onto a tiled floor.
Landlord Rental Insurance
There are circumstances when you can experience a loss of income. For instance, if the property is damaged due to flood or fire, you will not receive the rent for at least a few months.
Loss of rent insurance will cover you in these circumstances. Take out this cover if a big part of your monthly income comes from your tenants’ rent.
Buildings Insurance For Landlords
When you invest in buy-to-let or commercial property, it’s important to protect your investment against disasters such as fire or flooding. If the property became uninhabitable because of this, you would lose your income and be responsible for the re-building costs.
Landlord buildings insurance is therefore one of the most important covers you can take out to protect your investment.
Insurance for buy-to-let can help protect your property, covering you for events such as loss or damage caused by fire, flood, leaking oil or fallen trees, accidental damage, theft, unpaid rent and legal disputes.
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