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Make sure you're covered

By Emily Morton

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With constantly evolving legislation, and an increase in responsibilities for Landlords such as the recent alarm legislation, it is important to understand all the insurance options available. The article below outlines some of the insurance choices, and their value to a landlord, showing ways to safeguard a smooth process when letting properties.

If you are renting out a property, you will need to make sure that you have the right insurance in place so that you and your property are correctly covered.

As a landlord, the agreement between you and your tenant will require you to insure both the building and any contents you provide with the property. Most leasehold buildings will be insured through the freeholder but you will need to make sure that you have notified them in advance that it is your intention to let the property so that you don't compromise the terms of their cover. It is also likely that you will have to apply to them separately for formal consent to let.

If your property is freehold, it will be your responsibility to ensure that a buildings policy is in place and if the property is mortgaged, this is also likely to be a requirement of the loan.

Furthermore, It is important to consider what is covered in the case of major damage to the property and we recommend that the policy includes rent coverage whilst it is uninhabitable, to either provide alternative accommodation for your tenant or ensure continuity of income to you.

Contents insurance

Most domestic contents insurance policies are insufficient cover for rental properties and will often exclude cover where the property has been let. We recommend putting a basic contents policy in place even for an unfurnished property as contents policies normally cover any appliances, carpets and curtains which are not normally included in a buildings policy. You only need to insure the items owned by you and not the items owned by the tenant. The tenant is required to insure their own belongings and to have an appropriate policy in place during the tenancy.

Want to find out more? View more information on lettings with Foxtons and our managed property services.

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