When you need landlord insurance for short stays for holiday homes, then property insurance is necessary if you want to keep safe and ensure your assets are covered no matter which option you go for. Holiday homes are a great investment and a great income can be accumulated from holiday homes so having the right Insurance is just a smart idea. Let’s have a look at a typical landlord insurance policy and what it covers for your holiday homes, flats on other rental properties.
If you have a nice little chalet somewhere in the UK and you want to protect it because you rent out on a short term basis, you may want to consider contents insurance as this covers theft and accidental damage if anyone damages anything obviously, and it will cover malicious damage caused by short-term tenants. This cover should only be used for extreme vandalism and theft and it is advised that you do not use it for simple items or minor costs because it's better just to replace these items yourself without claiming your insurance policy.
Lodges are absolutely lovely and you need to take care of them because if you don't nobody else will. If you have a nice little lodge in Loch Lomond or somewhere in the Lake District and it takes you a while to get to it, it's better to install an alarm and take an appropriate insurance policy out on it. You may want to purchase an annual landlord insurance policy because it works out cheaper than starting and stopping a policy every time you rent the property out. The policy will cost anything between £200 and £500 depending on the property value and the size of the building.
The same goes for penthouses especially if you have spent hundreds of thousands of pounds on one as an investment for your future and your family's future. Landlords that skip on insurance are really doing the wrong thing because the cost of the policy outweighs the cost of something going wrong. Just say your building goes on fire because of a stupid mistake someone makes and you're not covered, I can tell you now, you'll be slapping yourself, especially when you find out how much a policy actually did it cost. Get the penthouse insured and never skip or try and save some money in the short term because it never works out in the long term.
If you want to find out what a landlord insurance policy actually consists of please read on. The insurance policy has many benefits for landlords; the policy includes contents insurance that covers all your valuable items from flat screen televisions, white goods and all your fixtures and fittings around the property. Fixtures and fittings consist off skirting boards, internal and external doors and internally fabricated walls. A lot of damage can be done in a very short time when you’re property is a victim of harsh vandalism or malicious damage; so that's what contents insurance covers, you may want to consider buying a policy.
Your landlord insurance policy starts with buildings insurance cover, a buildings insurance policy covers your building from things like subsidence and structural damage to brickwork. The policy also covers flooding damage if you stay in a high-risk area, the policy will pay for a total rebuild cost if your property goes on fire or a tenant sets the property on fire due to malicious damage. The insurance company will pay for all your costs to bring the accused to justice and pay for your building to be totally rebuilt. That's why the insurance company asks you how much your building costs to be rebuilt if for any reason you need to claim your insurance.
I am not trying to sell you anything but you do really need this type of insurance, you can understand the risks are far too high and it could mean you could end up losing your property and your investment because you never bought a cheap insurance policy, because at the end of the day a landlord insurance policy is quite cheap considering what you get. Please remember cheap is not always the best choice, the main thing in here is getting your property covered for short-term tenants and to make sure no matter what happens, you're covered.
Insurance for holiday homes is not expensive when you look the big picture and think about is as an investment. Think about this… you have no insurance policy and your building goes up in flames right now as we speak, then you find out that the landlord insurance policy only costs maybe £20 per month, what do you do now? You see, you never want to answer this question and you never want to be without insurance for any property you own because remember properties are investments and they are your future and like all future Investments they must be covered with the appropriate insurance with the right company who can provide the cover you require.
I hope I have answered your questions to the fullest, landlord insurance for short stays is appropriate, I hope you can understand this, not having the cover represents a very high risk for your property and if you have invested heavily, insurance is just a no brainer.
Why don't you use our free comparison service right now, we compare short-term landlord insurance for every type of property in the UK so why don't you compare price right now and remember you can get up to at 35% discount just by using our service today.