Compare Landlord Insurance Policy

By Author: Elzbieta Falat
Total Articles: 13
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It is imperative to have a landlord insurance policy as it helps in acquiring the compensation if the property gets damaged due to fire or any other reasons. There are many organization offering such policies. You can compare their policies and choose the one that suits best your requirements.

The landlord insurance policy is very important for protecting the property in case there is a fire, burglary or accidental damage caused by tenants. The policy needs to be covered all the necessary details. In case, some information are missing, the policy is void and the landlord cannot claim any compensation.

When the landlord is looking for a policy, he needs to consider insurance product offered by each company along with the total cost of the policy and excess of the claim. The first part of the claim is payable by the landlord, the excess will be covered by the insurance company. It is also fundamental in finding out some of the costs can be included in the premium. In fact some of the companies charge extra for the covering the accidental damage where others they are inclusive in the premium. There are four important ...
... items which are required to be included into the policy. These are:

1) The tenant, which needs to have a full time job and provides job and previous landlord reference. It is necessary to safe guard the landlord interest and guarantee the rent is payable on time and in case the tenant causes damage to the property, he or she will be able to pay for accidental damage.

2) Fire alarm and fire extinguisher, which are required in case a fire starts. The doors have to fire resistant and inside the property the emergency exits have to be marked so in case there is a fire the occupants have to follow the route to quickly exit the property.

3) A list of contents of the property which give the full description of furniture, electrical equipment and white goods.
They have to be listed in each room of the property. They have been marked in case they have been stolen. The police can trace them very quickly if they recover them.

4) Wear and tear of the property has to be included. The windows, tiles of roof and external pipes can be damaged by the weather. Where electric shower and white goods and internal pipes can break down with time and continue usage. No one is responsible for them, as they reach a life span in which they become absolute and behind repair. The policy will cover the cost of the repair or replacement.

Any claim the landlord is making, it will increase the premium he is paying each year. Without a policy, the landlord will be fully responsible for a financial lost and he could break the law as it is required when a property has been let out commercially to external parties. In case of fire, if the landlord did not have in place an insurance policy, the landlord will loose the value of the property and have to pay using his financial resources.

The insurance policy also covers the tenants as they are bringing electrical equipment and personal belongings in the property. If a policy was not in place and they have been stolen, the tenant would not be covered for the lost. Therefore, you must thoroughly compare landlord insurance policies and opt for the one that perfectly suits your requirements.

The author of this article is associated with Discount Landlord Insurance, a renowned online insurance broker. They hold expertise in providing right landlord building insurance quotes to the people.