Login

Revolutionising Landlord Insurance


Thursday, October 17, 2013

 

Revolutionising Landlord Insurance

Revolutionising Landlord Insurance

Landlord Insurance Has Changed for The Better!

The number of private rented sector (PRS) landlords who own rental properties in the UK is now estimated to be around 1.5 Million, owning more than 3 Million rental properties across the country.

To cope with the number of landlords owning multiple rental properties, there has been a revolution within the specialist Landlord insurance market. The range and scope of insurance policies has increased as has the number of specialist insurers within the landlord insurance market.

Back in the 1970’s the private rental sector was supplied by a select number of smaller, specialist insurers and brokers offering high price premiums to established landlords with multiple buy-to-let rental properties. Now, the lettings market has expanded so dramatically in the UK, that the specialist landlord insurance marketplace has become a highly competitive battleground for the insurance industry.

Tenant Referencing Saves Landlords Money, Time & Stress!

Tenant Referencing Saves Landlords Money, Time & Stress!

Standard cover offered by many landlord insurance policies should include buildings cover as well as some degree of landlord contents cover, to protect fixtures and fittings such as kitchen cabinets and bathroom suites, even if the property is offered for rent as part or fully furnished.

Landlord insurance can also cover loss of rent following damage to a rental property and should also cover the cost of providing alternative accommodation should the rental property have to be vacated for repairs. Many landlord insurance policies even offer third party personal injury cover and legal expenses as standard conditions, but it is necessary to read the policy documentation to make sure that these instances are covered.

Many specialist landlord insurance policies also offer optional additional cover on landlord insurance policies, including Rent Guarantee Insurance. This covers any loss of rent should your tenants circumstances change and they stop paying the rent, however comprehensive tenant referencing is required to protect the interests of all parties involved and cover lasts for either 6 or 12 months depending on the length of tenancy offered.

There are insurance policies available that include paying any legal fees associated with the cost of using eviction specialists, who will do all the necessary paperwork to evict tenants; on the landlord’s behalf.

Costs for landlord insurance depend on the location and size of the rental property and the employment status of the tenants who are renting it.

Tenant Referencing Allows Landlords To Utilise Rent Guarantee Insurance

Tenant Referencing Allows Landlords To Utilise Rent Guarantee Insurance


This was written by Mike Clarke. Posted on at 11:30 am. Filed under Insurance, Landlord News. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.