Understanding The Nuances of Landlord Home Insurance!

Article by Kirthy Shetty
























Any landlord who owns a small property to a large property owner will require a landlord home insurance to protect his assets. Yes you have a good amount of equity attached to your property and expect a certain amount of income from your property, you would want a good appreciation for your property.

As a landlord, you should realize the importance of your property insurance, more specifically when the property is not used by you and is let out on rent to your tenant. Any landlord can benefit from building insurance to protect a property from accident and calamity, but there are also more specific needs that you may have for your property.

What should a landlord home insurance comprise of?It should cover any legal liabilities

A property damage cover will definitely be incorporated, to protect you from natural disaster, theft, fire or accidental damage and any other damage source.

Business cover – after a claim is made, so that you don’t suffer any financial loss from interruption to your business from any incident.

If there’s any loss of rent cover, or other commercial tenancy dispute, your land lord house insurance will cover you.

Landlord insurance protects your income any benefits from tenant’s rent. You as a landlord are more concerned about insuring your own contents rather than tenant’s contents. It is the responsibility of the tenants to insure his content through a separate tenant insurance cover. It can be done through normal method of home insurance policy. With this home insurance, a landlord can insure all contents that he owns in the property.

Requirements of insurance for properties are subjected to all the different types of landlords. the safety of the property where your tenants are living depends upon the landlord and he will definitely be responsible for this. The landlord liability will pay for the damages that are given to tenant and also the legal costs involved in the claim. Renting and property to tenant is a kind of a business. So it is necessary to buy business insurance policy in which landlord liability forms the subset.

Accidents or mishaps are inevitable and one can’t stop it fro happening, well you can safe guard your tenants from any such happenings through your insurance cover. It can be possible, that your property gets damaged by fire and fortunately no one is injured but you have to move out of the damaged house. It involves a lot of time to repair the damage and certain cost is also involved. You can repair your property and also cover the rent amount which you are missing due to the accident.

About the Author

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Getting Good Building Insurance

Article by Albie Steyn
























If you have just bought a property with buildings already on it or are intending on building fixed structures, you probably need to have building insurance. Building insurance is cover against damages caused by natural disasters or people. It covers only the structure of the building itself, not the contents of the building. For that, you need contents insurance. Let us stick to building insurance for now.

There are a number of different options when it comes to building insurance, each different type will cover you for different damages.

The first type of building insurance is loss and damage insurance. This type of insurance covers you against acts of God. That means you are covered against damage caused by natural disasters as well as damage caused by usual weather patterns, like lightning strikes or rain damage. It will generally cover your actual home as well as any other buildings on your property.

You can include standard accidental damage cover in your building insurance policy. This will cover you for damages caused to external fittings and add-ons to your home like solar panels and the glass in your windows. It can also be extended to include the piping and cabling that runs to your house.

For those of us who are lucky enough to own more than one home and rent out the additional properties, can invest in building insurance to protect the building but not the tenants belongings. What happens to the tenants possessions is not the responsibility of the landlord. However, tenants have a tendency to cause considerable damage to property and building insurance can cover the cost of repairs. One can also include legal and maintenance cover under this kind of insurance. In order for the tenant to be covered against theft and other eventualities, they have to take out their own insurance.

Then there is builders risk insurance, this kind of insurance covers the building against damages whilst it is still under construction. That way, should a particularly vicious storm cause damage to your building before it has been completed, you do not have to pay for the repairs out of your own pocket.

There are many other types of building insurance available, which you decide to opt for is dependant entirely on what you intend to do with the building you are insuring. Older houses which have historical value will never be insured for their true value as this is inestimable. Insurance for this kind of home will only cover the actual cash value of the house, not the replacement value. Building insurance for a commercial building varies according to what use the building is put. A shopping centre will need very different building cover than a warehouse, for example, will require.

The general idea is to ensure that you are able to rebuild you building in case of it being damaged by any cause whatsoever, within reason of course, without costing you, the owner, very much. The more risks your building faces, the more you will pay in insurance premiums and the higher your excess will be. As with most insurance policies, it is often possible to tailor the policy to your needs.

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BUILDINGS INSURANCE COVER

Article by David Thomson
























Buildings insurance covers the costs of repairing or rebuilding your home in the event of damage to the structure, fittings or outbuildings.What’s covered?The structure is the walls, roof, chimney or plumbing.Fittings are kitchen units, sinks and baths plus outside walls or fences.Outbuildings are structures that are not part of the structure of your home, like garages, sheds and greenhouses.If you have a mortgage, your lender generally insists you take out insurance as a condition of the loan. Even if you don’t have a mortgage, consider taking out a policy to protect your home – and your pocket – in the event of a possible disaster.What’s included?Different insurers offer varying levels of cover including damage from:• Fire• Storms and floods • Theft, riots or vandalism• Earthquakes or subsidence• Vehicle collisions• Falling trees, branches or aircraft partsOthers may include cover for frost damage to pipes connecting your house to mains supplies. Where your home is situated may also increase your premium. For example, if the property is in a high-risk area for flooding or subsidence. Subsidence is often only covered if risk is previously reported to the insurer, although the postcode of the property is often considered enough to inform the company of any subsidence risk.What’s not included?Exclusions also vary between insurers, but almost all exclude damage from:• War and terrorism• Radioactive contamination• Sonic booms• PollutionReading the small printTell your insurer everything you know about your property to ensure you have adequate home insurance cover. If you don’t, you may unintentionally void the policy and your insurer may not pay out if you make a claim. Preventable damage, like taking on DIY jobs yourself instead of calling in a professional builder can void your policy if your work goes wrong. Another common preventable damage risk is root damage to foundations from planting or felling a tree near to your home.You should check if your property is in a high-risk area that your insurer may not cover before taking out a policy.Extra cover is often available while the builders are in or for ongoing exceptional risks.Sum InsuredThe sum insured under a buildings policy is the full rebuilding cost of your home. This cost is not related to the sale price or Council Tax but calculated by a surveyor.Index LinkingKeep the sum insured up to date by making sure your policy is index-linked. This means the sum insured is adjusted each in line with any changes in rebuilding costs, like inflation.ExcessYou can reduce your premium by agreeing an excess – a voluntary sum you pay against the cost of a claim before the insurer pays out. For example, if you have an excess of £150 and claim £1,000, the insurer will deduct the excess and only pay you £850.No Claims BonusSome policies have a “no claims” discount that reduces your premium if you have not claimed on your insurance. Letting propertyIf you are a landlord, make sure your buildings insurance covers renting your property to tenants.

About the Author

David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.












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