4 Tips For First-Time Landlords About Landlord Insurance

Posted in General Household Home Insurance, Insurance for Landlords, Insurance for unoccupied property, First Time Landlords on 16 April 2019

Whether you’re a first-time landlord or just need a refresher of your rights and responsibilities when letting out your property, InsuraHome Landlord Insurance offers extensive protection for your home in many ways. However, there may be some facts and tips you may not necessarily be aware of before renting out your property for this first time, so we have highlighted our favourite 4 facts below!

Man up ladder cleaning leafs out of gutter on house

(1) Theft

When renting out your property there is always a risk that the person who will be living in and taking care of your home, will not necessarily be as honest as you initially believe. An estimated 30% of tenants have stolen or attempted theft from their landlord at some point during their lives which can make for a stressful time to say the least.

But don’t fret, InsuraHome Landlord’s insurance offers up to £10,000 protection against theft or attempted theft by your tenants.

Senior man cleaning leafs out of gutter.

(2) Inspections

As a landlord you have the right to inspect the property whilst your tenants are living there but did you know it’s a condition of most home insurance providers that this must be done at least once every 6 months?

In the event that you need to make a claim, most home insurers will not pay a claim under their policy if the property isn’t inspected internally and externally at least once every 6 months.

During these checks it’s worth extensively checking the property over including your gutters, drains, roof, waterpipes and boiler to ensure the property is kept in a well-maintained manner.
Sometimes it is worth taking pictures or a video and always keep a record of the check and the date it was carried out.

Bright small hallway with stairs in a house

(3) Unoccupied Properties

Whilst searching for the perfect tenants or in between one set of tenants departing and new tenants arriving, it is a condition of most home insurers that the property cannot be unoccupied for more than 30 days and must remain in a reasonable manner otherwise your home insurance policy becomes invalid. Futhermore, should for any damage occur to the property during that time, you will be held responsible for the fees.

If you do however foresee a larger gap between rentals, InsuraHome can also provide Unoccupied Home Insurance which covers for periods up to 270 days or on an annual basis.

But do remember your inspection checks during this time!

(4) Rent Guarantee and Legal Expenses

It can be a daunting prospect to be aware that your tenant isn’t paying their rent and can leave you sleepless at night concerned how you’re going to afford to pay your mortgage. With InsuraHome Landlord Insurance, we take that weight off your shoulders by providing a rent guarantee safety net.

If for an insured reason your tenant stops paying their rent, InsuraHome will ensure you get paid (terms, conditions and exclusions apply so please check your Policy Wording) and will also assist in providing you with Landlord Legal Expenses should you wish to pursue a claim against the tenant to evict them from the home.

Don’t forget your InsuraHome Home Insurance

Home Insurance doesn’t need to be complicated with InsuraHome. InsuraHome makes home insurance simple for landlords, those with unoccupied properties, those with criminal convictions and those with a second home in the UK and selected European destinations. For more information on what we do or to get a quote, click here.

This article is for information and entertainment purposes only. It does not constitute advice in any way. The information provided here is correct at the time of writing however please check the latest policy wording here for the latest policy terms, conditions and exclusions.

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