United Kingdom has adopted many laws that are still considered impossible by other countries.
In fact, British are known for their rule of law and a serious effort by successive governments to ensure its supremacy over every citizen of the UK.
The Financial Services Authority or FSA oversees insurance policies in the UK.
Among the different versions and types of insurance policies in the UK, landlords' insurance is considered as one of the best ways to ensure protection of property owners from natural and fabricated disasters.
Following is a brief introduction of landlords' insurance and its significance in the property market.
Importance Landlords insurance is necessary for those people who have rented out their properties to tenants.
In this case, they are not eligible to apply for homeowners insurance, as they are not physically living in the house.
In case of any property damage, they would not be able to claim any damages from an insurance company.
UK insurance companies have introduced landlords insurance for these people to help them in getting compensation and damage claims in case of any disaster at their properties.
Any damage done by the tenants, including serious property vandalisation, is also covered under most landlords insurance companies.
Extent of coverage Landlords insurance covers as many types of damage and disasters as covered by homeowners insurance.
In case of a fire or structural damage, you can claim compensation from the insurance company.
Similarly, in case of a massive disaster including an extensive fire or explosion due to gas leakage, you can claim compensation from the insurance company.
There is an added advantage for the homeowners in the landlords insurance that is not present in the homeowners insurance.
As the homeowners do not live in the property in case of landlords insurance, they are not responsible for any intentional damage to the property.
Additionally, the insurance company can handle the non-payment, rent, or other financial irregularities by the tenants if you have signed up for extended landlords insurance.
This coverage alleviates the fears of confused landlords, as they get an assurance from their insurance companies on a timely payment of rent and security of their property.
Even in case of any damage, they will not have to spend money on the repairs.
While buying an insurance policy, it is always recommendable to add as many features as possible.
This might increase your premium, but at least you will get a complete coverage.
Duration Landlords insurance is available in a multitude of durations or time periods.
Ideally, landlords should try an insurance company for at least a couple of years.
You can always shop for cheaper premiums and better insurance quotes before signing up with a company.
A thorough research is always recommended, as this will help you in finding the best insurance quotes.
Loyalty programs are also offered by insurance companies and are an excellent way of reducing your premiums and improving the level of coverage.