AS a landlord myself, I know the pitfalls of boilers breaking down, pipes bursting and electricity failing. That’s why I recommend good Landlords Emergency Insurance. Normally you have to buy landlords emergency insurance in addition to landlords buildings and/or contents insurance. In some cases it may be already included in your policy – like in the excellent monthly Pay as You Go landlords insurance available by visiting Insure As You Go.
There are poor versions of this insurance that basically cost too much or too little and limit cover. What you should be looking for is an annual policy that costs around £60-£70 and offers the below:
When a boiler breaks down you can expect at least £100-£1000 to have it fixed. All it takes is one breakdown and your emergency cover has more than returned its cost.
Think about the age and condition of your let property before committing though. If it is brand new, then you will not need Landlords Emergency Insurance because virtually everything will be covered under warranty. If the property is an old house with a five-year-old boiler (or older) then it may be worth looking at emergency cover. It is more likely you will need it. You cannot foresee all problems and emergencies, so Landlord Emergency Cover will help to protect you financially against bad surprises.
It also has the added bonus in most cases that the tenant can call the emergency claim line direct and get tradesmen to attend to the problem quickly. This is actually a selling point for the let property and should give tenants peace of mind that you are already looking after their interests. It’s not for everyone but if you want to protect yourself against possible emergencies, then I’d urge you to consider buying Landlord Emergency Insurance cover. The policies on offer from Surewise offer great flexibility, are simple to understand and are recommended by The Property Insurer. Jason McClean www.thepropertyinsurer.co.uk