Are you protected for the properties you let out for domestic use or for commercial purposes? The one thing definitely needed is for them to be properly insured. The old saying of what you see is what you get, is particularly applicable to insurance policies, so it is essential to read and digest the contents very carefully before putting your signature to one.
Do not settle for the first policy that you find. Undertaking a landlords insurance comparison offers you many alternatives. Take time and go online to see what there is on the web. Insurance companies are competitive and they all want your business, so tailor-make a policy that suits you in particular. An insurer might offer you a substantial discount after a year's premiums has been paid, or else include some other worthwhile benefit for you. The choice of an insurance policy is up to you, so choose wisely.
Furthermore, there are various regulations legally required for you to have as a landlord in the UK. For example, through the Housing Act of 2004 and the Regulatory Reform (Fire Safety) 2005, it is a basic requirement for households that you let out, to have fire extinguishers and fire alarm systems installed in them.
Having comprehensive insurance for a property that you let out, covers you for all eventualities. It includes insurance for public liability, a cover when an incident occurs with a tenant who decides that you are responsible for an occurrence and decides to sue you. Without public liability insurance, this could prove a very expensive exercise.
For commercial properties that you own, remember to have insurance appertaining to business regulations; they do differ from residential insurance in content.
When letting out residential property it is important to have landlord insurance, to cover you should any damage happen to your property through your tenant, or you have an unexpected loss of rental. There are tenants the world over who seem to think it is their right to do a 'midnight flit' without paying their rent. On occasion, this could even be for a couple of months rent owing to you!
This is where doing a landlords insurance comparison comes to the fore. If you have not read in-depth what you policy covers, you could be in for big losses. So be alert and read thoroughly any insurance policy you intend to take out, it is only to your advantage.
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