The beginning of the financial year is the ideal time for owners to review their Land Lord insurance policies and make sure everything is up-to-date.
There are various levels of insurance cover for owners and it’s important to discuss with your broker and or insurer what is required for your particular circumstances.
According to Shawn Darby from General and Commercial Insurance Brokers, it is important to have a proper Land Lord policy in place because a standard domestic property policy cover just does not cover the risk to landlords.
“A good policy will cover malicious or accidental damage by tenants, theft, loss of rent and rent default,” says Shawn.
“Most of our claims from landlords is dealing with malicious damage caused by tenants, closely followed by storm and water damage.
“Both of these issues are then often related to loss of rent and rent default claims, says Shawn.
Fire and storm damage should be standard in any policy. Loss of rent only applies if there is damage to the property that makes it un-inhabitable. It does not cover un-tenanted periods under normal circumstances.