Insurance for landlords
Insuring a property to rent out has different implications to insuring a property for owner occupation, so the contents of this page are for information only. mousesale recommends you seek specialist advice from a qualified independent financial adviser who is regulated by the Financial Services Authority (FSA).
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Insurances relevant to Landlords:
This kind of cover is re-build costs not market valuation. It is really important to be properly insured as almost 40% of UK properties are under insured, which means in the event of a claim, insurers will not pay the full amount of the claim. Ideally, to ensure you are not under-insured you need to have a professional re-build cost calculated by a qualified surveyor although some insurance companies will provide quotes direct based on information provided; E.g. style, type, size, condition, age, improvements, area etc. All buildings policies will be index linked to reflect building costs increases annually. This is only effective if the original valuation was correct to start with.
Most specialist insurers will offer the option of a full contents policy or a limited contents policy.
Limited Contents Cover. Most UK properties are currently let unfurnished / part furnished. A limited contents policy would typically give a fixed limit of around Â£5,000 of cover items such as: *Carpets *Curtains *Sun Blinds *Light fixtures and fittings *Kitchen white goods on a new for old basis.
It is usually the tenants responsibilty to ensure their personal possessions.
This type of cover will provide assistance for the landlord and the tenant in the event of an emergency at the property such as: *Failure of the electricity supply * Failure of the cooking facilities *Lost keys *Plumbing problems *Leaking roofs or guttering *Security of doors and windows.
It is not nusual problems with tenants during the term of the tenacy and although many problems will be solved amicably without the help of a third party, unfortunately some problems will entail the expense of solicitors and court fees.
These policies are invaluable for most landlords. As a tax deductible premium this will guarantee you receive the rent you are expecting from your property regardless of your tenants personal circumstances, ability or willingness to pay the rent.
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