Arranging suitable and competitive landlord insurance

With so many insurance specialisms available today, it can be difficult to know what to expect as standard and what the useful optional extras are. Landlord insurance is a case in point, where the insurance type seems obvious enough, but there are many different levels and layers of cover to protect buildings and the humans who live in them.

If you are a landlord and you own land and or property, you need landlord insurance protection for both. This will protect you from the potential risks, including structural problems with buildings, outside and internally, along with likely tenant disputes, however trivial, that will incur legal costs. There is no single policy that will cover everything, nor are there packages to simply buy off-the-shelf.

When insuring a commercial property, then commercial property insurance is what you will require as it will insure the additional risks of a commercial premises. Other types of common property insurance is landlord insurance and property portfolio insurance. Typically this will offer cover for a wide range of tenant types, from university students to professional working tenants. Each warrants comprehensive insurance protection offered through landlord insurance. Your property buildings are your biggest asset and risk, requiring robust insurance protection, through a reputable insurer with a thorough claims management company. Long delays on claims outcomes, when structural repairs are needed, can be costly.

What should I be asking the insurance broker?

It is important to ask plenty of questions to be sure you arrange the cover you need and expect. Properties that are let to private tenants or rented to commercial organisations and associations will require a range of insurance covers. It is certainly worth spending a bit of time reviewing what you feel needs to be protected as it could save you a lot of time and money. 

• What is your exposure to risks
• Do you need insurance whilst your property is being built
• Review the policy wordings, exclusions and other complex terms
• Are you needing to insure a single property or a property portfolio
• Search for competitive terms and reputable insurers
• Claims Management is key

At the same time, flexibility is important to a cost-effective landlord’s insurance policy. For instance, having the flexibility to add new properties to an existing policy should be standard, ideally without long hold-ups and extra form-filling.

Today’s landlords have a wide range of duties, including legal ones, so arranging your landlord’s policy carefully is now an important responsibility.