Landlord buildings insurance covers your investment property for damage to the fabric of the building, such as fire and smoke damage, water damage, leaking roofs and other problems that can be expensive to fix.
Most buildings insurance policies also cover fixed bathroom fittings such as toilets and basins.Do I need to have a special type of buildings insurance as a landlord? Buildings insurance for landlords is different to the standard buildings insurance policies.
If you are letting your property, a standard policy will decline any claims that you make. Make sure you purchase the insurance that is tailored for landlords who are renting their properties out to tenants to ensure you don’t experience problems.
Whether you are an experienced landlord or someone who is new to renting out properties, there may be some questions that you want answered.
Here is a compilation of the some of the frequently asked questions about buildings insurance for landlords.Do I have to have building insurance to rent my property out? The short answer is no.
Buildings insurance is not compulsory by law. Nevertheless, it is strongly advised that you invest in some form of cover in the event of a difficult situation arising. One of the biggest reasons for having buildings insurance is that it comes with public liability insurance.
This means that any accidents or injuries that occur on your property will be covered by your insurance. You have to ask yourself – do you think you are financially capable of paying for the damages? If the answer is no, then buildings insurance is a must have.Can I get buildings insurance if my property to let is empty? This scenario is quite difficult because many companies will refuse to cover an empty property.
The loose definition of an empty property is one that is unoccupied for a certain period of consecutive days. For example, some companies will decline you a policy if your property has been vacant for 30 consecutive days.
Nevertheless, if you heighten the intensity of your search, you are bound to find a provider that is prepared to cater for empty properties for a longer period of time.