Helping you to protect your portfolio
Why do you need Landlord Insurance ?
What would happen if one of your properties suffers flooding damage and becomes uninhabitable for 2 months whilst builders carried out repair works? How would you fund repair works and cover loss of income? Furthermore, if a tenant fails to pay you rent on time how will your borrowings or a mortgage be settled? Worst still, what if a resident suffers serious bodily injury due to an unsafe staircase? As a landlord you have a legal responsibility to provide a safe living environment. Failure to do so could leave you facing a financially crippling public liability claim.
Landlord insurance protects property owners from financial losses associated with renting out a property. It’ll provide theft, fire and weather damage cover for the structure of the rental property and any contents owned by the landlord that are within. Landlord insurance can also cover things like loss of rent and legal expenses, but they may not be included as standard.
Depending on what type of cover you select, most policies will usually include cover for the following as standard:
- Fixtures and fittings
- Alternative accommodation
- Public liability and property owner’s liability cover
- Trace and access
- Malicious damage by tenants
- Replacement of glass, locks and keys
Having a portfolio of property can create administrative complications when each property is insured separately. Collabot Finance can offer block property cover, which means that you have just one policy with one annual renewal and payment. With a block policy, you can add and take away properties at any time throughout the year as you buy and sell, with just a simple phone call. Contact us to find out more.