Landlords Contents Insurance

Landlords Contents Insurance

Let’s say you are Property Investor and the immediate thought is let’s get the building covered as that is where the biggest risk is. Right? Well, not ALL of the time. Yes, or course get the building insured as a matter or priority to get immediate protection on your hard earned investment, but don’t forget about the contents which becomes even more important when the property becomes occupied by a tenant. Let’s look at why in a moment, but first, what is landlords contents insurance?Question: What is the most common Landlord Insurance Claim. Answer: Escape of water claim to landlords contents including carpets!

What is landlord contents insurance?

These are the contents owned by you, the landlord. Imagine you but a property to rent out and decide to get a tenant after some general sprucing up of the property. Then you get the usual beds, tables, chairs, carpets, curtains, and so on. These are YOUR contents and can only be insured under a landlord contents insurance policy. Policy often forgotten about but shouldn’t be and for some important reasons that many investors don’t even consider.

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Landlords Contents Insurance

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What is covered under a landlords contents insurance policy?

Well much like a residential buildings insurance policy for a landlord, the contents will cover what are known as certain ‘perils’. So, fire, flood, theft, malicious damage (but not always by your tenant), escape of water and so on. So not much new here. However, there is one very important cover attached to landlords contents insurance, and that is Property Owner’s Liability – sometime referred to as Public Liability.

When do I need landlord contents insurance?

Quite simply if you own contents in a property you rent out to a tenant. However, it becomes particularly important, when you own a flat within a block form example. This is often where property investors fail to take out a simple contents policy. Let’s look at the below example:

Block of Flat Contents insurance example

A single self-contained flat is purchased by a property investor in London, under a long lease. The property is purpose built block with 12 flats over 3 floors. As the new leaseholder, the owner can decide to live in it if he chooses, but instead decides to start making some money back on his investment – he decides to look for a tenant.

Luckily the investor has purchased the flat, where the buildings are already covered (along with the 11 other flats) by the management company of the block. The investor thinks no need to worry about any insurance, sure my contents where 2nd hand and not of any great quality, and anyhow what could possibly go wrong?

So the tenant has moved in. The tenant decides to have a friend over, and that evening the friend trips over the carpet end, falls & breaks an arm. The friend happens to be a surgeon and now is unable to work. The landlord takes note of the incident and report to the buildings insurer. However, the insurer argues that the claim happened due to the carpet end and that the claim should be reported to the contents insurer. The investor does not have contents insurance. The guest then goes to a solicitor and the solicitor goes about his business, and attempts to find the property investor negligent for not fixing the carpet end correctly to the floor. This is a basic example of hassle no one needs. With simple contents insurance cover, the insurer would step in and take care of this claim on behalf of the investor.

Residential Buy to Let

These policies are not only useful with single self-contained flats, but also for buy to let houses. One of the most common claims in a landlords property is escape of water. Burst pipes are an all too common experience for many landlords. Having to replace carpets can be expensive, and far too many landlord bare the brunt of the costs themselves as they have failed to take out a contents insurance policy.

Liability

A typical landlords contents policy can have Liability up to £5,000,000 and grant £10,000 of contents cover.

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Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Specialists in Commercial & Residential Insurance

We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.

Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.

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