When you need landlord insurance for flats, whichever flat you have, from unfurnished flats to granny flats you can find a great policy here. You can compare landlord buildings and contents insurance for flats or even your block of flats, it's all here, you can compare great insurance companies and find better prices, but first, let's have a look at the types of cover you may be interested in.
When you have an unfurnished flat you may want to consider a building's insurance policy only without taking out a contents insurance policy because you have nothing to cover apart from the futures and fitting, if the tenant buys furniture and white goods he or she will need to take out their own tenants contents insurance because your policy won’t cover your tenant's stuff.
You may want to run over that them because they may not know this. When you rent out an unfurnished flat this is a great way to save a bit of money on your insurance because there is no real need for a contents insurance policy, but if you do want to buy one to cover your fixtures and fittings, stuff like your internal doors, your fitted kitchen and all joinery work around your property you can do.
It really is up to you whether or not you want to buy a content insurance policy and depending on the value of your properties contents you may want to leave it out. But if you want to be safe then add it to your policy because it doesn't cost that much extra every month, just ask the insurance company when they're on the phone to you. When you finish reading this article you can compare prices for buildings and contents insurance to get a rough idea how much it will cost you every month. Or you can do it now, click here.
If you want to start with a buildings insurance policy for your flats or if you have a block of flats you should be entitled to a discount if you take more than one policy out with the same insurance company. If they don't want to offer you a discount then shop around because someone will, some big insurance companies can that arrogant and won’t give a discount, but it's just basic business sense to offer a discount for your landlord insurance if you have a block of flats.
When the insurance policy for your flat is active, you will be insured for fire and flooding and basically anything that gets in the way of your building structure if it’s been damaged in any way. Most landlords go for this first especially landlords with unfurnished flats as landlords with furnished flats would rather take the both policies, buildings and contents together?
If you rent to the elderly, again depending on whether you have an unfurnished or furnished flat you can make the decision on what type of insurance you want to go for, buildings only, contents only or both. If you need emergency assistance cover for boiler breakdowns, this can be purchased at the same time as your other landlord insurance policies.
If you are a buy to let business owner and you rent out a leasehold flat, the proper landlord insurance for flats must be acquired to protect you legally and your tenant from landlord liability, criminal and malicious damage. Your policy should include landlord legal liability insurance to cover you for court expenses or if anybody dies on the property you rent out due to a fault that was down to your negligence.
Furthermore, it would be a good idea to maintain your properties with the proper landlord regulations certificates i.e. gas and electricity compliance. You can add that this cover to a 2 bedroom flat or a 3 bedroom flat, in fact, if you have a 4 or even a 5 bedroom flat this would be an ideal policy.
I mentioned briefly about insurance for a block of flats but let's celebrate a bit more on why insurance for your block of flats are important and how you can get a discount right here with eLandlord Insurance.co.uk, here we go.
It’s a good idea to go into every single one of your flats and ask yourself whether or not you need an insurance policy for it, what I'm saying is you might not need buildings and contents insurance for every single one of your flats like I mentioned above, if you just take everything the insurance company offers you find, you’ll have a hefty monthly premium. The most important insurance for any flat is buildings insurance because it covers you if the flat goes up in flames or for water damage.
All your contents can be bought cheap and replaced cheaply so it may not be worth you buying a contents insurance policy and paying every month this, and it means you keep more profits from the rental income. Work on what cover you need for which flat for a couple of hours as this will save you money as planning is very important for any business especially in the property trade.
There are other insurance products the insurance company might ask you to purchase like rent guarantee insurance or emergency assistance insurance for your flats, you can have a look at each one, you may want to add one of these policies to a particular property, if you are not sure about each of these plans just ask and the advisor, they’ll not belong letting you know about each one and how much they cost.
In fact, I will give you a brief explanation of each one.
The rent guarantee insurance policy will protect your monthly rental income if you have a tenant with a good reference check in place and you are a member of a government regulated rent guarantee scheme. You’ll need to go through a company which offers this kind of support for landlords but don't worry you can do this right here when you use our comparison service and remember it's free to use for all UK landlords.
You may not want to add it to every single property, I would suggest you add more cover to a property which you rent out to a professional person or an elderly person for your granny flat, you could always add the cost of the premium to the rent, it’s a good idea to have the extra policies place before you find a tenant because trying to add it to the rent after you have fixed a monthly rental amount could upset them.
I think you know what emergency assistance insurance is but I will go over it anyway. If you have any problems with your boiler or central heating system or your flat gets broken into in the middle of the night and that your alarm goes off its head, the insurance company will be contacted, from there, the company will arrange a joiner or an electrician or whatever tradesman is needed to address the problem for you.
The great thing about emergency assistance insurance is the fact that you don't even need to do a thing, you can leave all the contact numbers with your tenants so they can arrange the necessary tradesmen, well the insurance company will organise a tradesman, all your tenants need to do is give them a call if it is a genuine emergency. The cover will include protection for these:
If you have a professional tenant, adding extra cover to the policy will certainly keep the tenant happy and it will save you a lot of grief sorting these problems out yourself. But it's all about cost, so you need to work out what your business can afford and what it can't afford or whether it is worth adding a particular policy to whichever flat or tenant you are buying insurance for.