Having Sufficient Landlord Buildings Insurance

Owning properties is an excellent source of income for landlords. Sure, there are potential headaches caused by some of the tenants that prove irresponsible, but overall buildings are perfect assets for the provision of monthly income.

Residential properties have the potential of being let out as standard residences, or else sublets of single rooms as student accommodation. There is always a demand, particularly if the property you are letting out is near to a college or university. Homes for letting as holiday accommodation are desirable for visitors in the summer season, and depending on the demand in some of the areas, are perfect for short lets throughout the year.

Commercial buildings provide tenants taking longer leases, for use of shops or office. This is particularly worthwhile if the location is in a popular business area where demand is at its greatest.

Nevertheless, the need for landlord buildings insurance is essential. Various policies are available, such as residential landlord comprehensive insurance to cover both buildings and their contents. It is also possible to have comprehensive insurance for holiday homes and second homes that you may have. The standard residential buy to let properties insurance rates are usually very reasonable and most insurance for all types of properties can be tailored and are negotiable for obtaining the best rate.

Benefits of policies

• Commercial and residential policy combinations
• Insurance for houses, bungalows and flats
• Property owner’s liability
• Cover for contents
• Up to 45 days unoccupancy cover is usually included
• Public liability insurance

As a rule, landlord buildings insurance includes cover for hazards such as fire, lightning, flood, earthquake, riot, landslip, theft and malicious damage to property.

Maintaining the properties, you let out in good condition is worthwhile long term. Repairing the odd problems that arise instantly instead of letting them enlarge is always beneficial.

There are no compulsory laws in the UK regarding fire risk or leaking gas, nor is it compulsory to provide fire extinguishers or smoke detectors to tenants. However, it is to the landlord’s advantage to provide as much potential hazard equipment as possible to avoid not only building repair costs but any compensation costs to injured tenants.

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