Finding the cheapest landlord insurance can often set people into overdrive, where they feel that the offer is too good to resist and sign up immediately. However, being the cheapest insurance doesn’t always mean that it is the most appropriate insurance.

People are very different, and what one person may perceive as cheap another may not. Getting cheap landlords cover doesn’t always mean that you are getting the most suitable buy to let cover.

What this means is that when looking for the cheapest landlord insurance, you would be wise to look further than just the price. Some buy to let insurance companies may offer insurance at what appears to be drastically reduced prices, and its only when you read the policy that you may discover that the reason the price is so cheap is because a lot of benefits are not included in the standard policy (for example, landlords subsidence cover).

So, what do you need to look out for when choosing landlords insurance?

• some landlord insurance policies do cover loss of rental income, but this is only in cases where the cause of the problem is due to previously insured perils. If a tenant was to leave your property without paying, for example, in many cases this would not be covered;
• replacement locks as trivial as this issue may seem, it’s a problem that most landlords may face at some point, and it can also be very expensive. Replacement lock cover isn’t always included in the policy, so if it’s something you require it’s always best to check;
• malicious damage is something which some let property insurance providers offer but not all. If you require this level of cover then you would need to shop around and find which companies do offer this type of insurance, as typically it is not included in all standard landlord insurance.

The main thing to try and remember is that the cheapest landlords insurance may not always necessarily offer the most suitable cover. The most suitable cover may be the policy which fits perfectly with your circumstances and gives you what you feel is value for money.

©2012 Landlords Building Insurance. All Rights Reserved.

If you own a holiday property then you must give the type of insurance you buy a lot of consideration.

You should be aware that most standard home buildings and contents insurance policies will not be suitable for either holiday lets or second properties.

This is for two reasons. First of all, standard policies do not provide cover where a property stands empty for a long period of time.

Secondly, they will not cover tenant occupancy. The financial ramifications of getting the wrong type of policy could be huge, so making sure that you get the right holiday home insurance is a must.

When getting insurance quotes, always tell the insurance company what the property will be used for. For example, if the property will stand empty for a lot of time as you will be using it as a second or holiday home, then the insurer will need to know for how long and how often this is likely to be.

However, if you intend to use the property as a holiday let, then you will need a different type of insurance – landlord insurance.

Landlords insurance is used where people have buy-to-let properties and, as more people invest in properties to let, the need for this type of insurance is growing.

So when looking to insure your holiday home, do ensure that you choose the right policy to ensure that you are adequately protected and use a specialist broker.

Finally, do check that your holiday home insurance has extended contents cover and liability cover. This will protect both you and your guests should the unexpected happen.

©2012 Landlords Building Insurance. All Rights Reserved.

When looking for your mortgage and holiday property insurance then it is vital that you seek good advice. Going about it the wrong way could end up costing you hundreds of pounds – if not thousands – by not being properly insured and if the worst should happen. By far the easiest way to go is to choose a specialist broker in holiday properties. By doing so you can be assured that you will get the best and cheapest deal available to you simply because a broker knows where to look.

Along with the normal coverage that you would expect to take out when it comes to holiday property insurance it does get a little more complicated and this is another reason why you need expert advice. If you are thinking of renting out the holiday home then of course you will have some additional cover to think about such as liability. But as a general rule the types of cover you should be thinking of including in your insurance should cover for every eventuality.

When it comes to holiday property insurance you should cover the basics such as fire, flood, earthquake, lightning and storm damage. Of course the particular cover needed will depend on whether the holiday property is at home or abroad. Theft insurance will also have to be taken into consideration and this doesn’t only apply to break ins and burglars but also to cover theft by guests if you are letting the property.

If renting out the property then consideration should also be given as to taking out insurance against the possibility of losing rent from the property and also if the property should be unoccupied for any length of time. There is a lot more of course to holiday property insurance, these are just the very basics.

It is essential that you fully understand what is in the policy as with all policies there are many hidden exclusions and again this is one very good reason that you should go to a broker to get the best deal. A broker can not only give you excellent advice and find the cheapest deals but also can give you advice on the type of cover that is suitable for your needs.

©2012 Landlords Building Insurance. All Rights Reserved.

When it comes to buying your holiday home then you should know all you can about the subject and what it involves both the good and the bad. Holiday home insurance does vary from company to company and knowing who gives the best deal and what the insurance involves can become a nightmare to those who know nothing about this sector. Trying to get the best deal by yourself is next to impossible simply because not all insurers offer the same cover.

The biggest problem for insurers when it comes to insuring the holiday home is that the property will be standing empty for periods of time; some insurers will ask certain requirements of the home owner such as draining off the heating system of the property while it is empty or tuning off the water supply.

There can be many exclusions within a policy and the majority of people simply aren’t aware of these until they try claiming. However a specialist broker will be able to find the best and cheapest insurance for you and your circumstances which can help you to avoid making costly mistakes.

There are also many different components that make up holiday home insurance and it is essential that you understand exactly what is needed for your circumstances. If you are going to be letting your holiday home then the insurance becomes even more comprehensive, if you are having tenants in the property then you need to be covered for liability. This means that you are covered should through any fault within your property – such as faulty electrical wiring – a tenant should get hurt. Along with this you will also have to safeguard yourself against the possibility that you could lose rental income and you will also need protection for the possibility of any damage caused by those renting the property.

Again going with a specialist broker is the best way to ensure that you will get the best and most comprehensive deal when it comes to the insurance along with the best holiday home insurance information for your needs.

©2012 Landlords Building Insurance. All Rights Reserved.

The most sensible way to go about getting the best holiday property insurance is to put it into the hands of a broker. A broker can do the hard work on your behalf and look around for the best and most comprehensive policy to meet your particular needs. Whether your property is just for your benefit or whether you are thinking of letting the property as a business it will need much more specialised cover than your first home.

Factors to take into consideration when it comes to insuring your second home include ensuring that you are adequately covered for building and contents and when taking out your policy it should be new for old for the contents, you should also have cover for malicious damage and this is considered essential if the property is going to be standing empty for any length of time.

Your should also consider taking out insurance to cover for eventualities such as flooding, fire and subsidence, this should include damage to the property itself and also any outbuildings and extend to cover such things as a swimming pool. If you are going to be renting out the property for an income then you will have to take out liability insurance, this includes cover for tenants and any staff that you employ to run the holiday home.

There is much more to second home insurance and this is one of the main reasons why if you want to get the best deal on your holiday property insurance that you talk it over with a specialist broker. A broker can give you excellent advice on the cover that you need and can do all the hard work for you by looking around for the best deal on your behalf. This can save you a vast amount of time and will also take the stress and strain from you leaving you to consider and deal with the many other factors that the holiday home brings. Good holiday property insurance deals can be found but you have to know where to look.

©2012 Landlords Building Insurance. All Rights Reserved.

Second property insurance includes many different components, some of which you will already know about while others are more complex. The standards of any insurance policy should be included and the most obvious of these are of course the contents and buildings, however if you have such as a swimming pool then this will have to be taken into consideration and should be covered. If you need second property insurance for a holiday let then this is even more extensive, along with the usual components of the insurance you will also need to think about taking insurance that covers you for such as liability to tenants and any staff that you hire to run the holiday home.

One big problem for those who know very little about insurance is the fact that within policies there can be many exclusions, which means if you haven’t noticed them due to not reading the small print then when you come to make a claim it could mean you are turned down. Very often insurers will state in the small print that you have to meet certain requirements when the property is left empty, most holiday homes will be empty for periods during the winter months and this is when factors have to be taken into consideration, which include such things as the risk of flood due to burst pipes.

In order to get the best second property insurance deal then it is essential that you go with a specialist broker, you will be putting a lot of money into the venture and of course want the best possible chance of success. A broker can provide you with the essential information that is needed when it comes to your needs and can also save you a lot of time and money by shopping around for you to make sure you get the best possible deal for your second property insurance. Along with this you will be able to ask any questions regarding anything you are not sure about concerning your second property insurance.

©2012 Landlords Building Insurance. All Rights Reserved.

A specialist can not only shop around on your behalf for the cheapest deals when it comes to taking out insurance for your second home, but they also give advice on the types of insurance you should consider taking out for a second property.

You will almost certainly want to insure the outer shell of the building and indeed when taking out a mortgage for your second home the lender will insist that you have at least the shell insured. Cover should be taken out against such as accidental damage, storm damage, and damage from subsidence and flood insurance should also be considered after the recent storms.

You should also give some thought to the garden and outer buildings and of course if your second home is a holiday home and has a swimming pool this needs insurance too. The level of insurance you will need to take out for your second home will depend on whether or not you will be letting the property. If guests are to be stopping in your property then you will need liability and accident insurance to cover any person who rents the property and also for any damage that occurs as a result of guests.

Second home insurance premiums will vary considerably and a specialist can shop around on your behalf and get you the cheapest deals with the lowest premiums and present them to you so that you can compare. When comparing premiums for the second home insurance also be aware that you have to check the small print and key facts of any policy you are considering taking out, as this is where any extra costs and the terms and conditions can be found.

©2012 Landlords Building Insurance. All Rights Reserved.

Considerations

When buying holiday home insurance, you would have to make sure that you have a realistic sum insured. One of the factors which should be given some thought is the rebuilding costs of the property. This is essential as unlike your own home, you have no control over what the people do within the property. They could, for example, smoke, and be careless. If your holiday home was damaged by fire, then the cost of rebuilding and removing the rubble would come to hundreds of thousands of pounds.

You also need to ensure that other items such as outbuildings and, if you have one, a swimming pool, are covered.

Index linked cover

When looking for insurance check to see if the cover is index linked. This means that inflation would be taken into account. Another point to consider is that if you make improvements to the holiday home, you do then need to let your insurer know so that you policy can be adjusted accordingly.

Contents insurance

You would also need to come to an estimate as to the contents of the holiday home. This means going around the property and calculating all the items within it. Do not forget to count items such as pots and pans and cutlery. Even the smallest of items should be included as they can soon add up if you had to replace them.

Rental income cover

When comparing the cost of insurance for your holiday home check to see if the insurance policy would pay out for loss of rental if the property should be damaged and become uninhabitable for a while. You could lose an enormous sum just in letting costs if you were unable to let it out while rebuilding or repairs were taking place.

Accidental damage cover

Other things to look for in your holiday home insurance include accidental damage to either the contents in the holiday home or the building itself. Some insurers will provide this cover. It can make sense to take photographic evidence of the goods, including serial numbers where available, so that in the event of claim, you have everything you need to hand.

Also check for any exclusions and limits on certain items as all insurance providers offer different terms. Liability cover could also be included in your insurance. This would pay out in case any of the guests are hurt while staying in your property. Always read the small print that comes with the policy to ensure that you know exactly what the cover entails so there are no nasty surprises if you have to make a claim.

©2012 Landlords Building Insurance. All Rights Reserved.

Considerations when getting cover

The major consideration is how much buildings cover you will need ie the amount it would cost to rebuild your second home if the worst case scenario should happen and you lost everything in the home and the building itself due to fire. You would also need to take into account how much it would cost to remove the rubble in order to rebuild. Therefore, getting a professional valuation can help you get the right sum insured.

When looking for second home insurance it is essential that you check out the terms of the policy as they can differ greatly with providers. For example there could be some restrictions set in the cover when it comes to letting or during the times when the property would be unoccupied.

Usually insurance for your holiday home would cover all the standard features to be found in contents and buildings insurance. Fire, theft, subsidence, flood damage and damage due to vandalism are all usually included. However it can also include so much more.

You could check the terms to find out if the policy provides cover against accidental damage for both the building and the contents. Accidental damage is a particularly important feature of your cover when you are letting the property out.

You may find it useful to take photographs of the items within the property, as well as any serial numbers, to make it easier in the event of a claim.

Also check out the exclusions, which may also include any limits on payouts for a single item.

Liability and legal expenses cover

Personal liability and legal expenses could also be found in a holiday home insurance policy and this would pay out if the guests in your holiday home were injured while staying in the property.

Check out any policy you are considering taking out to see if it would protect you against a loss of rental income. If for example, disaster struck and your home was ruined by fire or flood, it could take many months for it to be rebuilt or repaired. During this time you would of course have nothing to rent out and could suffer a great loss of income. The majority of second home insurance policies will pay out up to a certain amount during circumstances such as this.

Finally, when considering holiday home insurance it is important that you get the right cover and at the best price. By using a specialist second home insurance broker you can have access to policies tailor made for people with second homes, meaning you get comprehensive protection along with good advice. Your second home is probably one of your biggest assets, so make sure you protect it properly.

©2012 Landlords Building Insurance. All Rights Reserved.

However, one thing you may not have realised is that you can’t use ordinary home insurance cover for any property you are letting out for profit. You would find you weren’t covered if anything happened. What you need is landlord insurance.

The term landlord insurance actually includes several different types of cover. The primary cover is “core cover”, but there are others in addition.

• Core cover. This is the basic cover you must have. It insures you against damage to the property while it is let. For instance, if there is a serious incident such as fire or flood, not only will you have to organise major repairs, but your tenants will have to move out, at least for the time being. Core cover in addition to the cover for the repairs will include up to 30% of the property value to indemnify you for the loss of rental.

• Public liability and property owners’ liability. These are separate elements of your landlord insurance, but you need both. Property owner’s liability protects you against claims made by tenants – for instance if a tenant fell down the stairs and sued you because a stair rod was loose, you would claim on property owner’s liability. However there are always various visitors coming into the house – either to visit the tenants or to do jobs as tradespeople – and injury to any member of the public would be covered under public liability.

• Landlord’s contents insurance. You are not responsible for insuring tenants’ property. Landlord contents insurance covers you against damage to, and theft of, furniture and soft furnishings, or goods you provide for the tenants’ use such as a washing machine or refrigerator. (You should clearly advise your tenants that they are responsible for insuring their own belongings.)

• Legal expenses. Unfortunately it often happens that tenants stop paying the rent, behave in a highly anti-social manner or prove a nuisance to other tenants, and need to be evicted. If they refuse to leave you have to take them to court. This could be very costly if you’re not insured. Even if costs are awarded against the tenant, they may refuse to pay.

Many insurers provide a landlord’s comprehensive insurance policy, which covers all these elements. You can also take out a single policy to cover more than one property if you have them. Premium costs are calculated individually, on the basis of the property location, type of area, number of tenants, and number of previous claims if any.

If you are just starting up in letting property, landlord insurance may seem like just another expense which you can do without. However it just takes one incident to make you realise how essential it is! So don’t be caught out. Talk to a broker for advice on the best value policies, and make sure you are protected.

©2012 Landlords Building Insurance. All Rights Reserved.