One of the most common mistakes landlords make is to believe their standard home insurance policy will protect a tenanted property.
Unfortunately, this is rarely the case, and landlords who rely on their standard building insurance to cover it will often find they effectively have no insurance in place. Checking the terms of your policy is therefore crucial.
As property is, in most cases, the most valuable asset a person will own, it is important to protect it adequately. After all, nobody should be taking risks with such an expensive investment.
It therefore goes without saying that the only sensible course of action is to purchase a specialist landlord’s insurance policy, which is tailored to suit the specific demands and risks associated with being a landlord.
Regardless of whether a landlord has a single property and solitary tenant or a vast portfolio with dozens or even hundreds of tenants in place, they must have public liability insurance to protect the tenants and their guests. This is rarely available within a standard policy. Likewise most standard policies would not cover the property for any period of time when the tenants are away, so landlords without a specialist insurance can end up losing thousands of pounds if something goes wrong.
Those who own a property on a leasehold basis should not rely on their freeholder to provide a suitable insurance policy, as this is an unnecessary risk and the best practice is always for individuals to protect their own assets.
Open House has teamed up with Insurance companies to design and offer a comprehensive insurance policy that provides landlords with all the protection they require while the building is being let. The specialist landlord plan is available exclusively to Open House landlords.
To get a quote for specialist landlord insurance click here.