All about: UK landlord insurance

Everybody needs insurance. It is an important element of every person's life and is needed to protect important assets. In this article, UK landlord insurance and explanation about what purpose it serves to those who are unsure of it, will be discussed thoroughly.

UK landlord insurance

What does it cover?
Landlords insurance (or buy to let insurance as it is also known as) provides cover for a let/rented property, the contents (those only supplied by the landlord) and landlords liability insurance. Home insurance policy is not valid when you are taking an income from the property and will not suffice as a proper insurance policy. A single policy can cover either a single property or multiple property, and will ensure that your investment is protected, whether you are an individual renting out a second home or a property developer. Landlords insurance would cover you in the following: (1) İf your property is damaged by fire and your tenants have to move out. The landlord's insurance would not only cover the repair of the property, but also pay you the 'lost' rent due to not having tenants living in the property during that rebuild period. (2) İf by chance you fall out with your tenants and they stop paying the rent, refuse to leave and, you are forced to take them to court to them evicted and collect rent owed. This insurance would cover you. Asking for insurance When claiming insurance you will be asked to give an estimate for the Buildings Sum Insured (BSI). BSI is an estimate of the cost for rebuilding your property should it be completely destroyed. İt is not the market value of the property, which is normally much higher, or the local authority valuation for tax purposes. It is the cost of building the property from scratch, which is currently between approximately £60 - £120 per square foot in the UK.

Why do you need it?

Why and where to find Landlord insurance UK home insurance and HomeLet insurance can be compared and searched on the internet. There are many price comparison websites to assist you with getting the best cover. It is advised to really invest in a good landlord policy to protect you from big financial pitfalls as the insurance would be cost-effective in the long run and safeguard your financial assets within the property.