Andy Wynne-Jones, HomeLet’s Head of Underwriting and Product Development answers some common questions about specialist landlords insurance.
Q. Why do landlords need specialist buildings and contents insurance?
A. It is a surprisingly common misconception that a run-of-the-mill homeowner’s buildings and contents policy can cover a property once it is let. Landlords that proceed down this route should do so with caution.
Becoming a landlord carries legal responsibilities that are all too often overlooked; a good quality policy will include tailored liability cover in the event of negligence on the part of the landlord. A specialist landlord’s policy will include essential covers to cater for the risks associated with letting a property.
Much as we wish it wasn’t, it is a fact of a life that let property will be unoccupied between tenancies at some point – another key area of cover. Quality policies will cover you for up to 90-day void periods without any restrictions in cover, onerous inspection requirements or the need to drain your water system – ordinary owner occupier policies will not if the property is not tenanted.
Q Does a landlord still need specialist contents cover if their property is unfurnished?
A Unfurnished lets are preferred by many landlords but what does this actually mean? Does the property have carpets, curtains or blinds? Light fittings, a fridge, freezer, cooker and washing machine? All of these are contents and yet we still refer to this as an unfurnished let.
Specialist contents policies are available for unfurnished properties. They will cover the basic contents outlined above, and in today’s litigious society, should also include tailored liability cover to protect the landlord. The tenants may trip on some loose carpet, they may even electrocute themselves on the cooker – they need the right protection.
jml Property Services are long time HomeLet Premier agents. To find out more about HomeLet products - follow this link http://homeletuk.com/cgi-bin/alpha.cgi?agentschemeno=1501435