With seemingly unrelenting economic issues in this country, there are many who find they’re becoming landlords to make money on a property that they’d otherwise sell at a loss. No matter how you plan on renting out a property, you must make sure you’re properly covered for all eventualities. Landlord insurance is a niche form of cover, offered only by specialist companies.

No matter who ends up with the keys, you as the landlord are legally responsible for your property. For this reason, insurance is of very real importance. Building insurance is number one on the list. From there, you’ll need contents insurance to protect the items in the house from the new tenants. Even if the property is unfurnished, contents insurance is a necessity for items such as carpets and curtains. Along with this, there’ll be further assistance we can offer, such as cover against a non-paying tenant, or a tenant who makes a claim against you for an accident or injury incurred while on your property.

If you currently have a mortgage on the house, then it’s important to bear in mind that you’ll have to be in touch with your provider to discuss your intention of letting/renting the house before anything can be done. Without notification, you’ll be invalidating the terms and conditions of your mortgage. THis could result in a lender taking your property back into their possession. If you can demonstrate that this is a last resort rather than an effort to make money on the side, you could be offered consent to lease. This means you’ll avoid a far more expensive buy-to-let deal, and risk only a small £100-£200 one-off payment as fee for leasing. If not a off payment, your lender may add a small loading to the interest you pay and set a deadline by which you must re-occupy the house.

Landlords Insurance is a must for anyone planning on letting out a property to anyone else. https://www.alternativeinsurancebrokers.co.uk have the ability to tailor quotes to the individual needs of others from a wide range of schemes. Dependent on the property and tenant situation, we’ll be able to find what policy is right for you. Call us today on 0161 388 2538.