Landlords insurance UK is a beneficial addition to your property portfolio and you can customise an insurance package so that it covers everything from public liability to the actual property itself. Before requesting a quote you should determine what level of coverage you want and ensure that your quote includes all of the necessary elements. You can find cheap landlords insurance UK property owners can benefit from so you don’t have to pay a fortune.
Property
The property itself is the most expensive asset that you have. Whether you own a single small property or a number of multi-occupancy buildings you must ensure that you have the appropriate level of coverage. In the same way that home insurance has an insurable value, so too does your landlords property insurance. This value is not necessarily the same as the market value so you will need to work out how much it would cost to completely rebuild.
Contents
As well as the building itself, you can also insure any contents that belong to you. The tenant will deal with standard contents insurance but if you offer part or fully furnished property then this can be included as part of your landlord insurance. Appliances can get broken and furniture damaged so protecting it with adequate insurance can help protect more of your assets.
Liability
Liability coverage is another important component of your insurance. If a tenant becomes injured and you are found negligible either through your action or inaction, the tenant may be able to sue and claim compensation and the cost of this, combined with the legal expenses and other expenses means that you could end up owing thousands or even tens of thousands of pounds. Without landlord insurance UK property owners, like you, have to foot this bill themselves.
Extras
You can even protect yourself from a loss of earnings. If you make a claim on your landlord insurance UK because your property has become damaged then you can also claim for loss of earnings while you are unable to charge rent or receive a rental income. You can worry about getting the best quality repairs while you still make rental income.
TheBusinessOctopus.co.uk is a leading business insurance broker everything from contractors insurance to landlords insurance UK businessmen and property owners can benefit from.