Legally, landlord insurance is not required but it can protect against the carelessness of tenants and it may also include cover for certain maintenance issues. Most mortgage providers will insist that landlord insurance is taken out if you are purchasing a property to rent out. Standard home insurance is not acceptable as you won't be covered for rent owed or malicious damage, if the property is rented out.
Different levels of cover can be added to the policy. Every landlord has different circumstances and various levels of cover are on offer, depending on the individual's position. From theft to fire and flooding, to the structure and the fitted kitchens and bathrooms, these can all be included. You can also add in items such as furniture, curtains and carpets, legal costs and cover for vacant periods in between tenancies. Boiler breakdowns may also be included in the policy. It's worth shopping around to find the specialist add-ons which suit your needs.
Different insurers offer to cover different types of excesses and at different levels so do always check the terms and conditions of what's on offer. Some only cover car-hire or car insurance excesses, others will cover different kinds of common insurance excesses such as home, travel, and pet. Some excess policies only cover one excess at a time; these are usually known as single policy and others offer lifestyle policies that will cover multiple excesses.
That is why it can be best to do some research before obtaining an excess insurance quote using a specialist such as LycaInsure. Not only will you know that you're getting the best possible price, but you will also be certain as to exactly what is covered whereas some comparison sites may not be comparing like-for-like cover. Here at Lyca Insure, we can tailor your excess cover to suit your needs and offer you a competitive price to match.
If your own several properties, each house or flat should be insured individually. Different policies may suit different properties, so it's advisable to review the market and see what is on offer. It is possible, however, to put multiple properties on one policy. This is slightly more complicated, but the provider may be willing to negotiate a good value multi-property landlord insurance policy to fit your circumstances.
It's important to read the small print on your policy, to ensure you have the appropriate level of cover for the property. If you need to make a claim, you should get in touch with your insurance provider as soon as possible, or if you are a victim of theft, it's essential to report the issue to the police.