Do your research when choosing insurance

As a new landlord, there are lots of things to think about before your property is let – from painting and decorating ready for let, to buying furniture, to organising Energy Performance Certificates to having tenant checks carried out.
Often, one of the last things to be considered is landlords insurance. Many landlords leave it at the bottom of the list of priorities but in fact, it’s a vital purchase for every owner of a buy to let property. Many of the issues you could face as a landlord are specific to buy to let scenarios so if you don’t have a specialist policy, you may not be covered. If a tenant damages your property accidentally or maliciously, you’ll need a policy to ensure you are covered. For example, a tenant may leave a hob on and damage the kitchen or a leak in the bathroom could mean tenants have to be re-housed while the problem is rectified. A good policy will cover the cost of this.
Landlord insurance should also give you the same basic cover as any home owners insurance – for example damage caused by natural disasters such as flooding.
It’s important to realise that every insurance package is different so don’t be tempted to go for the cheapest option without asking questions. The cost will be affected by many factors including whether the property is furnished or unfurnished and the area the property is in. Find out exactly what the policy covers by doing your research and speaking to the insurance provider if you have any queries. At Legal 4 Landlords we’ve carried out lots of research and have launched a specialist policy for landlords – call us for a quote or advice.