Checklists

Checklist provided by 

www.propertychecklists.co.uk

No one wants to pay for something they don’t need, so if you let your property with no furnishings, contents or free-standing appliances, you may only need buildings insurance. This checklist explains what to consider.

Landlord insurance can be secured by companies that deal with you direct, via comparison websites, agents or a broker. Don’t just buy on price; check you are comparing like for like cover and that the cover meets your needs.

Buildings insurance typically covers landlords for:

• Structural damage to the building, e.g. if a storm damages the roof, a fire blows out windows or walls collapse due to flooding.
• Water damage, e.g. burst pipes. Check if the insurance covers you for escape of oil if your heating is oil-fired.
• Locks replacement.
• Rehousing tenants, if the property isn’t fit to live in. I.e. if the incident is insured such as flood or fire - check what the limit of cover is.

Optional insurance cover to consider (some offer this as standard) includes: 

• Subsidence, heave and landslip – in case of movement of the ground that affects the building’s structure. 
• Boiler cover - repair/replace if it breaks down and this isn’t due to normal wear and tear.
• Access to a 24/7 legal helpline – particularly useful for landlords.
• Public liability – this is typically around £2m of cover. Public liability would cover you if a customer or member of the public became ill or injured, or had their belongings damaged, due to your business activities. E.g. if the handrail gave way and your tenant fell down the stairs in your property, injuring themselves.  

Check what excess applies. If you are prepared to increase the excess and take on more of the risk, check if there is any reduction in the annual premium.

Find out how you can pay. Will you pay more if you pay monthly versus an annual payment?

Can you add another property to your policy at any time? Check if you are allowed to make changes to your policy prior to your renewal date and whether you will be charged any admin fees for doing so. 

Find out how you make a claim. Will you have a dedicated claims handler or have to speak to someone different every time you call?