This article will explain what landlord contents insurance is and what the uses are for this type of insurance policy for landlords with let properties.
All landlords should consider this type of cover for any property they own or rent out.
Why is this type of insurance is available?
Landlords buy furniture for let properties, this is an investment, and investments needs covered, just like any kind of investment. Some household contents are of high value and some are not, landlords need to decide what really needs protected, if anything.
Do I need it?
If your contents are worth over £2,000 and upwards, you could consider taking on insurance. In another hand, you may not need it because items can be replaced cheaper by buying from a second hand shop or the internet.
If you have high value contents worth around £10,000 and up to £75,000, then this insurance is very worth every penny as replacing item like these can be very expensive.
How much will it cost me every month?
It all differs from property to property and how much the value of your furniture and fittings are worth. Policies can range from £20 per month up to hundreds of pounds per month for very high value items.
Can I take contents only cover?
With many insurers, you can take this policy on itself to cover the contents of your building and not the building itself. This means you cannot claim for any other accidents or liability as only things like, carpets, sofas, cookers, fridge freezers and stuff like that can be claimed on your policy.
What's not covered?
Like before, different policies have different terms for landlords. Some companies will cover items that other companies will not; you just need ask the insurance company so you are made clear of what is actually covered within your policy.
Most furniture is covered, and other things like, light fittings, internal doors, and wooden floors should be all included in the policy.
Can I add other insurance types in the future?
When you take out a contents only insurance policy, if after a while you move abroad or you move hundreds of miles away, you can add loss of rent protection and get an estate agent to look after you property for you.
When this is done, you'll know your rent is always going to be there and someone is looking after your home while you're away.
Source by Dianne Mcleary
