Residential Landlord Insurance Common Pitfalls

The common pitfall for residential landlords insurance would be changing your tenants. I think this is a major pitfall for landlords using residential landlord insurance.

Statistics show that professional tenants have fewer claims than maybe the likes of DSS tenants.

A common pitfall would be if you’re midterm on a policy, and you change the tenant, your insurer has given you a premium calculator for a professional tenant, and then all of a sudden, you change your tenant type to a DSS tenant.

There’s no issue with that, it’s just that some insurers do not accept DSS tenants.

What you should do is always check with your insurer, always ring up your broker first say,

“Look, I’m getting a new tenant type. Do you agree with this type of tenant or is this allowed with this particular insurer?”

And at that stage, they can say yes or no.

Obviously, if it’s a no, you don’t take in a DSS tenant, you have to go and find yourself a professional one because let’s say, if you have a fire, and you’ve changed a tenant type without checking with your broker.

Residential Landlord Insurance Common Pitfalls

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Residential landlord insurance pitfalls (1)The DSS tenant has caused that fire, for example. Probably not deliberately but at the end of the day, insurers do have the rules. You’re risking your claim being paid out.

If you’ve any changes you need to make in the policy, check with your broker first because there is a high turnover with tenants in residential landlords’ properties so it’s highly recommended that you check.

Anything you do, anything you change, you run it through and check with the insurance broker first.

We’re here to help you avoid these type of insurance pitfalls and guide you to make the correct decision.

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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

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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.

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