Landlords insurance; 3 top tips to get it right
Whether you’re an experienced landlord or you’re looking for your first buy-to-let property, insurance should be near the top of your list of priorities.
If you have provided tenants with furniture within your rental property such as a bed, wardrobes or a sofa, you’ll be in need of contents insurance to make sure you’re covered if these items were to be damaged, stolen or destroyed. You’ll need to be covered against the cost of replacing them at the time of replacement, not based on what the items cost when you bought them. Items such as carpets may not be included in standard landlord buildings insurance so you will have to make sure that you either have separate contents insurance for these types of fittings. Your tenants will also have to take out their own contents insurance for their possessions as your insurance will not cover their items.
3 top tips for getting insurance right
1. Make sure that items and fixtures and fittings are properly valued when you apply for your insurance. Undervaluing your items could mean that you get less money if you were to claim and overvaluing your items could mean that your premium rockets.
2. List each fixture or item very specifically and ensure that you have dated photographs of each thing that you are wanting to be insured. Insurance companies will need factual data and the harder the facts, the more likely your claim is to be paid out.
3. Check if your insurance provider offers cover for more than one property as this is a way to save money if you have a portfolio of properties.
The Nottingham offer comprehensive buildings and contents insurance policies which are specifically designed to provide the type of cover that landlords need and are available for up to 4 policies per policyholder. Some of the key features are £400,000 of buildings cover and contents cover as standard up to £50,000 if the property is furnished. These policies also cover loss of rental income* and £2 million legal liability cover. The Nottingham offer optional extras to these policies such as accidental damage, legal expenses and home emergency assistance cover.
Call our customer service team on 0344 481 0041 for more information.
*Loss of rent up to 20% of the buildings sum insured, if the property is uninhabitable for up to 24 months.