Building Insurance
Usually the buyer of a property must take out buildings insurance as a condition of securing a mortgage. This means that as a landlord you are unlikely to be without it. But how do you know that you are fully covered?
Firstly, what does buildings insurance cover? Depending on the level of insurance you need, it can cover damage to or loss of the building through causes such as: fire, lightning, earthquake, explosion, aircraft, riot, civil commotion, malicious persons, storm or flood, water leakage, falling trees, falling TV aerials, impact, leakage of fuel, theft or attempted theft, accidental breakage of glass or sanitary fittings and subsidence.
If you require cover for accidental damage you will need to check whether this is automatically included in your policy or if you need to add it on. Simply Business gives you the option to include or exclude it from your policy.
You also need to check that your property is eligible to claim for certain types of damage, for example if you live in an area where there is a flood risk you may find you are not fully covered. Look for exclusions on the policy document before agreeing to purchase the insurance.
Finally, the total amount you request cover for should be the cost to rebuild your property, not the market value. The proposed declared value must represent the maximum amount likely to be at risk - in the event of underinsurance claims, payments may be reduced.
Simply Landlord offers buildings insurance alongside other types of landlord cover. It's easy to get quotes - just fill in a simple form online and we will instantly show you a range of quotes to choose from. All you need to do is check the policy to ensure it matches your requirements and then you can buy online!