Article by Martin Sejas
When you make a mistake with your house insurance, it could cost you a small fortune. House repairs are costly proceedings, and without the cover that insurance provides, you can be stuck with the full cost of repairing a roof, or fixing broken pipes. This problem is significantly multiplied by having people in your property that you don’t really know, and might not necessarily trust. Think about it like this: would you lend your car to a stranger without adequate protection against them stealing or crashing it? I’m guessing not. As a general rule, try to use your insurance to guarantee, as much as possible, that your property can be returned to it’s original format, regardless of what tenants do.
Landlord property insurance covers two main aspects. The first is the structure of the building. This includes any type of carpeting (which is a common problem for landlords), white goods and other fittings. Remember, it’s surprisingly common for tenants to remove items that don’t belong to them when they leave. Washing machines go missing regularly, simply because they’re so obvious. You insurance probably won’t cover theft by tenants. Usually it only covers forced entry.
Another common issue is tenants redecorating without approval. It’s natural for a tenant to want to redecorate, but if they turn the place into too personal a space, then you may have difficultly letting it after they are gone. Not everyone has good taste. In this instance, you need cover with your landlord property insurance that ensures you can claim to take it back to its original dcor. The forced entry or exit rule applies here as well, so make sure you have an adequate deposit.
Contents insurance is very useful for those who want to rent out a furnished property. This will cover anything like TVs, beds, furniture and other items you have left for the benefit of the tenants. Remember that the more desirable pieces are most likely to go missing. This brand of landlord property insurance is a reasonably simple affair, and requires you to list the value of the items inside and submit to your insurance company.
Calculating your landlord property insurance is done by your insurance company, and while there are a number of ways of doing this, you don’t have much say in the methodology. Basically, your insurance company takes the structure, age and use of the building into account and creates a rating for your building. This can then be translated into a risk rating for your property. Above all, make sure you’re covered for any damage done by your tenants, and you should be okay.
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