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Do all landlord policies have contents cover included within the policy
Each situation is different for each property, on some landlords will opt to have contents included and some will not. If a landlord had insurance for a luxury student apartment then it would be advisable, if it was furnished to a high standard for him to have full contents cover. If the landlord had valuable furniture such as oil paintings and antique sideboards, then these items might need to be individually named on the policy. The contents policy would cover the landlord against theft or damage of these items. Theft may occur form the tent themselves or from a situation of a break in in the house and the items were taken as a result of the burglary. In this modern age, it is important to check the small print of even the cheapest landlord insurance policy, to double check if electronic items such as laptops and iphones are covered.
There may often be exclusions that apply to buy to let cover that means that the house or property must have 5 lever locks on doors and windows, if this exclusion is NOT complied with, then there is a possibility that the policy may not pay out and the landlord would be left to pay for the items that had been stolen. When looking at a policy, it is essential to triple check all of the small print as it may well be the case that certain exclusions do not suit the landlords requirements. Also, it is essential to check out the excess levels, these can vary enormously from one policy to another. In some situations, the excess would only be £100 where on more high value items, the excess may be at £500.
The contents would always be listed on an inventory and would be given to the tenant at the start of the agreement. It may well be that the tenant and the landlord can come to an agreement and the tenants possessions listed on the landlords policy. The greatest threat to contents is fire or flood. Often enough smoke damage can create significant damage to contents whether these are owned by the landlord or the tenant. Whilst it is a requirement to have a Gas Safety Certificate a Carbon Monoxide Detector is not a legal requirement. It is advisable that one of these is fitted within the property and this can be done on the landlords insurance policy or direct via the tenant.
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Landlords Insurance protects the owner of the property for unforeseen events that may occur whilst the property is rented out. It is created for a landlord’s rental property, both residential and commercial. At its most simple, landlords insurance provides protection for landlords against the costs of property repairs or reconstruction as a result of disasters such, fire flood or subsidence. The basic Landlord Insurance policy provides valuable disaster insurance, should these events happen to a property, and is often a necessity for obtaining a mortgage or other finance secured on the property. As a low level level of protection, Landlords Insurance should pay out for the total rebuild cost of the landlords property when it has been damaged.
Landlords insurance also provide landlords with liability cover should a third party suffer an injury at the property and hold the landlord responsible for injuries or damages that have happened. It is very important to find the right Landlord Insurance so as the landlord peace of mind to know that all possibilities are covered and particularly that the insurance will pay for the loss of rent whilst the repairs are being done. By comparing the whole market it is possible to see which insurer is offering the best deal and also see which has the best additional features.
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