Finding the best let property insurance is likely to involve a search for the let property or landlord insurance that is most appropriate for your particular needs and circumstances. Landlords differ; let properties differ; so it may come as no surprise that what might be the best for you may not necessarily be the best for another landlord with different needs and circumstances.
Nevertheless, any landlord in search of the best let property insurance is likely to take into account at least some of the following:
- it might be important to bear in mind the clear distinction between standard home buildings and insurance insurance arranged by and for owner-occupiers and cover for let property;
- the importance of the distinction lies in the simple fact that the former is occupied by the owner, whilst the latter is occupied by tenants;
- let property insurance, in other words, might be regarded as home insurance for landlords;
- in other words, it too may provide cover for the structure and fabric of the building as well as those contents owned by the landlord, insuring against such major risks as fire and smoke damage, flooding, storm damage, and impacts from vehicles or falling objects;
- in recognition of the fact that the property is normally occupied by tenants, however, there may be additional aspects of cover of particular interest and concern to landlords;
- some – but not all – let property insurers, for example, include cover for loss of rent in the event that the dwelling becomes unlettable following damage from one or more of the insured risks;
- public liability cover may also be of particular interest to landlords, who owe a duty of care to those tenants to whom the dwelling is let. Injuries to tenants or damage to their property, for example, might result in substantial claims against the landlord for damages and the public liability element may be designed to indemnify you against such claims;
- whilst the best let property insurance may be different from one landlord’s point of view to another, there are likely to be a number of common concerns relevant to anyone who has bought to let.