Landlords Insurance - Northern Ireland - CompareNI.com

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Overview

Landlord Insurance Northern Ireland

Anyone renting out a property within the United Kingdom, including Northern Ireland, may want to consider Landlords Insurance which could offer protection for a landlord in the event of any issue involving their property or service provided to tenants. Without cover a landlord might be vulnerable to any incidence of damage to property and a failure to adequately protect a building could lead to financial ruin for any landlord if they were not in a position to finance any essential repairs.

There are many ways that enable users to compare landlords insurance and anyone searching for landlords insurance Northern Ireland may be able to use comparison websites. Additionally there are a number of companies who deal specifically with landlords insurance that could provide quotations by phone or in person on a visit to their office.

Landlords insurance would usually be an additional cost to any landlord so the more competitive a policy is, the better it is for landlords. The ease of claim handling could be a factor that may be considered by landlords when taking out insurance and this may not be reflected in a policy quotation cost. The cheapest price does not always mean that a policy offers the best all round combination of value and protection.

Landlords seeking the best deal for their business may look for cover that offers additional protection for their property such as a policy that covers malicious damage to property from tenants. Any comparison of landlords insurance could not only provide details of the headline price but also specific detail such as excesses which may cause the price to vary. Landlords Insurance tends to come in many different packages and the risk to a landlord may be dependent upon location or typical tenant profile so the cost of additional extras could be considered alongside the basic policy cost.

Landlord Insurance Guide

Many properties across Northern Ireland and beyond are rented out to tenants. As such, there are landlords who own those properties and rent them out to tenants – from students to working individuals.

Just as home insurance could be very important for homeowners, so it is important for landlords to consider as well. We’ve put together a handy guide here to help anyone who might be considering renting out one or more properties.

Is traditional home insurance good enough?

No – it is mostly important for a landlord to get a specialist landlord insurance NI policy designed to cover properties that are let out to tenants. If a landlord decided to get standard buildings insurance, it could decline to pay out if that landlord ever needed to make a claim. Additionally, there could be situations where the proper cover may not be in place to begin with.

The advantages of getting proper landlord insurance Northern Ireland

A landlord renting out one or more properties in Northern Ireland could benefit from having this form of insurance in place. Lots of things could happen if someone rents out a property to a tenant. Some people could be less careful when living in a property they don’t own. For example, they could leave the water running and cause a flood. They might leave a candle lit and go out, and the candle could cause a fire that may result in significant damage.

Either way, if the landlord didn’t have appropriate insurance in place, they would not be covered for this type of incident. However, if they had taken the time to take out cheap landlord insurance, the cost of any repairs or rebuilding needs may be covered by that policy.

The types of landlord insurance available

There are two kinds of insurance a landlord may wish to consider. Beyond these, there are a few other options that may also be worth considering, too.

Buildings insurance:

This could be the best type of insurance to have, as it covers the actual building itself. If anything disastrous happened, this insurance may cover the rebuilding costs involved with restoring the building back to its former state.

Contents insurance:

No landlord has to get cover for their tenant’s belongings. However, it might be worthwhile getting cover for any belongings the landlord provides. For example, if the property is provided part-furnished or fully-furnished, these things could be safely covered by a landlord’s contents policy.

Liability insurance:

It’s probably rare that a tenant may be injured or even killed as a result of being hurt while renting a property. However, if this were to happen, the landlord may be found liable in some cases. While it is relatively uncommon to need to claim on such insurance, any good landlord may be advised to have it in place – just in case.

Malicious damage insurance:

While the majority of tenants behave very well, there could potentially be situations where people end up causing damage to the property they are staying in. There may be many reasons for this, but the end result could be that damage is caused maliciously to the property. This form of cover might pay out to cover the cost of rectifying such damage.

Loss of rent insurance:

If something serious happened to a rental property to render it unable to be occupied, this could result in a loss of income for the landlord. Thus, a comparison of policies that cover loss of rent may ensure the landlord has appropriate cover if they were to lose out on income as a result of such an event.

Accidental damage insurance:

There are policies available that may already include this. Generally speaking, it could be part of either the buildings or the contents portion of the policy. However, a landlord may wish to check this in case it is not provided in their situation. If not, they may want to consider adding it to an existing policy (if possible) or getting another one for this element alone. If a tenant causes accidental damage, the policy may cover the cost of any necessary repairs. This may refer to accidental damage to the property or to any of the landlord’s furniture inside.

How important is it to shop around?

Any landlord wanting to look for landlord insurance cheap deals may want to search online to compare as many as possible. This might help them find and compare landlord insurance that could meet their specific needs.

It might be worth remembering that some insurers specialise in this particular area of insurance. This doesn’t necessarily mean they will provide the best deal, but every landlord might want to consider looking at specialist insurers alongside those that may be more familiar to them.

In some instances, a landlord may be able to get an all-in-one policy that might be tailored to their specific needs. For example, they may want to have several or even all of the insurance types mentioned above. Some insurers may offer a deal that covers the appropriate areas, so there is no need to get insurance from different providers to cover everything needed.

The importance of landlord cover cannot be underestimated. There are lots of situations that may result in needing to make a claim, and the proper cover could make all the difference between being out of pocket or in a good financial position. It is about protecting a business as well as a property and its tenants.

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