Landlord Insurance for Flats – What are the Options?
Comparing landlord insurance for flats quotes can be a complicated matter at first time of trying. This need not be the case with Quote Smasher. In essence you do not need two sets of building insurance for flats whether freeholder owner or you are the leaseholder. In both cases the combined building insurance will cover any individual need for landlord insurance for flats policy. The parts of policy cover that you may need to delve into are that of contents and public liability. In many situations, it is worthwhile asking to view the policy cover attained by the freeholder. Should your tenant flood the flat and this causes damage to the flat below, are you covered? Invariably you will be but it is worth checking. If not, landlord insurance for flats policy can be amended to cover third party risks caused by your tenant. It is essential that when you rent out a property that you inform the Management Company that such action has been taken. To do otherwise could leave you in trouble both financially and legally.
When you buy landlord insurance for flats you should understand the additional risks that a tenant represents. Within any insurance policy there is usually access to a free advice line. By taking out a specialist landlord insurance for flats policy, with or without buildings insurance, you should be offered a 24 hour legal help line with full legal support if required. In the event a tenant falls or is caused injury and you are found to be at fault. Your policy will act as your defence team and award any pay outs determined by the courts and pay the defense’s legal fees. Within the same cover, you will also be able to claim for legal expenses should you need to evict the tenant. Which brings us to loss of rent insurance.
Most of the best landlord insurance for flats premiums offer a rent guarantee scheme. If a tenant falls behind payments or has been judged an unruly occupier. Your legal team will bring proceedings to evict. With regards to the aforementioned content’s insurance. If you are letting the flat furnished, you will need to ensure you have adequate content’s cover for white good, fixtures and fittings and furniture. Accidents happen, carpets and sofas may need replacing over time. Additionally ensuring you have cover against malicious damage inserted will cover all the bases. To get free advice and compare landlord insurance for flats quotes, give us a call now for instant cover. Also a property guide website called Prime Location can give an insight into different areas of the country for property with up to date developments.