Our Landlord Insurance Guide is based on 3 criteria:- level of cover required; the level of perceived risk and the insurance company or underwriters. When we apply for a Landlord Insurance policy we would give an estimate on the cost of the rebuild or the replacement cost. If we under-estimate the claim would naturally not cover the rebuild/replacement cost more-over, the insurance company would pay out a proportionate sum. If we over-estimate, the pay out covers the replacement costs, however at an inflated premium and they will not pay out anymore than the replacement costs.
This policy covers the bricks, mortar and all permanent fixtures and fittings. The buildings insurance policy covers against storms, floods, fire, explosions and malicious damage. As residential landlords we have to protect our investments while we reduce premiums to the minimum.
Your mortgage company will have an up-to-date value of the rebuild cost. If you own a leasehold flat the freeholder will usually have the Buildings Insurance policy that you pay via "service charge". However, a double check is advisable.
To reduce premiums we would have to reduce the perceived risk. This could be done by installing intruder alarms, joining neighbourhood watch schemes and installing insurance approved locks, smoke detectors or automatic sprinkler systems.
Further ideas to reduce premiums maybe to consider having a higher policy excess (where you pay the first X pounds of the replacement costs).
Lastly to shop around for the best deals getting a minimum of 3 separate quotes and consider haggling or negotiating a premium reduction. A note of caution, cheapest does not necessarily equate to the best service. As you have to consider ease of making a claim and the time and effort to get the compensation. Check on their policy cover and schedule closely to ensure that the policy covers your needs.
This policy should cover all items provided in the household. This policy should cover those movable assets (furniture, electrical appliances, soft furnishings) that you want to be insured against their loss. There are two types of contents insurance policies; one which pays out new for old basis, and the other pays out the value of the loss at the time of damage/loss.
An important point would be to ensure that you are not under insured. To do this is to systematically go through each room noting down individual items, replacement cost and current value. Summarising the values to ensure that the appropriate amount is being covered.
Similarly to reduce your premiums the steps outlined above should be followed.TENANT INSURANCE
E Z Let has partnered with Endsleigh, experts in providing independent insurance. Endsleigh offers a range of low cost tailored products to suit you and your lifestyle. Receive an online quote from Endsleigh to see how much you can save.
This information does not constitute financial advice under the Financial Services and Markets Act 2000. If you require such advice, you should seek appropriate professional advice.