Landlord Insurance Tips – How to get the best policy
Landlord insurance tips are secrets of the trade that most specialist brokers are all too willing to reveal so as to get you on board. Your letting business is your financial income. The ability to reduce your landlord insurance premiums will save you money and enable you to profit from your rental income more efficiently. If you are an existing buy to let landlord with one or multiple properties, there are several landlord insurance tips that will allow you to streamline your activities. Often saving money on insurance premiums in the process. If you are managing several properties, get cover under one buy to let insurance policy. By merging all existing cover your premiums will work out to be less. Also if you have been operating for some time, the best broker advice and landlord insurance tips suggest you re-evaluate sums insurance across contents and buildings insurance and ensure all are up to date.
The top five landlord insurance tips will enable you to benefit greatly. While not all pertain to lowering premiums, they could save you hassle and money in the long term. Firstly, the cheapest landlord insurance is not always the best. Cutting corners on policy terms and sums insured could you leave you thousands of pounds out of pocket.
Secondly don’t rely on your tenants to be nice. Or imagine that they will take care of your property, furniture, white goods and electrical appliances as well as they might their own. Ensure you have content’s insurance in place that covers for malicious damage as well as for any particulars that might be stolen.
Thirdly, be prepared for the unexpected. If you don’t think a tenant will miss a rental payment then they probably will. A loss of rent insurance termed a rent guarantee scheme will protect you from loss of rental income.
Fourth in our Landlord insurance tips is to keep up maintenance and checks on the property. The UK weather can be fierce and over many years wind may dislodge tiles or leaking pipes cause damp. This may lead you to claim in the future. However regular maintenance and checks will not only prevent claims from being necessary.
And the fifth of the landlord insurance tips, that fallen tile which knocked your tenant unconscious leaving you open to a public liability claim. Could cost you thousands more if you don’t have the right legal expenses insurance cover. For many more landlord insurance tips give us a call for free advice.
If you are searching for the ownership of a property you can purchase information about the title deeds through the UKLRS website.