Landlords urged to shop around for their landlords insurance

I was concerned to read reports recently that only 67% of landlords were obtaining proper landlord insurance. This presumably means that a third of landlords are not getting decent professional advice about what type of landlord insurance they need.

The whole prospect of buying or renewing landlord insurance can be pretty daunting. There are literally hundreds of landlord insurance brokers out there all promising to do this, that and the other. So what should I be looking out for when getting a landlord insurance quote?

Things to look out for when choosing your landlord insurance policy

For a start it will depend on what sought of investment property you are trying to get landlord insurance cover for. If for instance it's a freehold buy-to-let property it's worth checking whether the landlord insurance will cover you for accidental damage to glass and sanitary fittings. This is a common form of claim, particularly in shared rental accommodation. Floor coverings, curtain or blinds as well as white goods are sometimes excluded from a standard landlord insurance policy.

Landlords also need to check whether the type of tenant they let to is covered. Not all landlord insurance policies will cover lets to students or asylum seekers for instance.

Landlord insurance is about protecting the landlord as much as his buy-to-let property

The landlord insurance isn't just about protecting your buy-to-let property. What many landlords fail to appreciate is that as a landlord you have certain legal responsibilities. If you fail to forfill these in the eyes of the law you can be held responsible even if you as the landlord thought the events that lead up to the act were nothing to do with you. For example, a landlord needs to be covered by employer liability cover. This will insure you against any claim from workers employed in your property as part of your letting business.

Its not just employer liability you need. There is also cover against personal liability. It sounds bizarre but consider the postman trips up over a tree root on your property and breaks their arm. Who are they going to sue? Potentially you as the landlord.

When it comes to getting properly insured it's worth talking to an expert in landlord insurance rather than going through a generalist comparison insurance website.

On cost landlords should get a number of quotes for their landlord insurance before proceeding. We know it always pays to shop around but we also know it pays to be a little bit cheeky as well!

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