When you rent out a property, you are also taking on some risk, which Martin Lewis Landlord Insurance can help mitigate. Most standard landlord insurance policies cover major damage to your property.
However, there are many additional levels of protection you can add to your policy to give you even more peace of mind. When renting out your property to tenants, there is no legal requirement that you have a landlord insurance policy in place.
However, if you have a buy-to-let or House in Multiple Occupation (HMO) mortgage secured on the property, your lender will almost certainly require you to purchase at least a standard landlord insurance policy that covers the building.
Landlord Insurance
Landlord insurance is a policy that protects your rented property against damage, theft, or destruction. Renting out your property to people you may know little to nothing about is a very big risk. Landlord insurance covers your property investment even against malicious acts by the tenant.
Why get landlord insurance?
Getting insurance coverage for your rental property as a landlord is not a legally do-or-die affair. But your property is your investment, so letting it out to people who you are not Sure would handle it with great care could be risky. So, getting insurance coverage for your rented property protects it from accidental damage.
Except you know when an accident is about to happen. If you are able to move all your properties to avoid their destruction by, let’s say, a fire outbreak, then you do not need insurance.
A case where you have up to 5 properties of your own, or even more, rented out to different people. Imagine getting a cover for the whole of it and relaxing your mind wherever you may be.
What does Martin Lewis landlord insurance cover?
Martin Lewis landlord insurance basically covers your building and contents as a landlord. Including protection against flood, fire outbreaks, theft, and other accidental damage,
Landlord insurance could cover the following too;
- cover for rented contents.
- cover against fixtures and fittings.
- Accidental damage
- Tenant liability insurance
- Insurance for legal expenses
- Boiler breakdown coverage
Building insurance
This type of insurance for your rented apartment covers only the structure of your property. It does not cover what you have inside your house, but the building on its own, starting from the roof, walls, and foundation of the house.
Contents’ Martin Lewis insurance cover
Getting coverage for your contents as a landlord covers only your properties in the building. It does not also cover your tenants’ property Just the rented properties in the building are covered, not including the properties your tenant brought to your house.
Accidental damage cover.
The cover for accidental damages works to protect your rented property against accidental damages like;
- Torn carpet
- Falling walls
- Destroyed foams etc.
Accidental damage covers your properties against accidental damages like fire outbreaks. This cover is strictly for accidental damage and does not cover poor workmanship or wear and tear.
Fixtures and fittings cover
This is mainly for landlords letting out flats leaseholds and apartments. Like internal doors, carpets etc.
Tenant’s liability
This type of landlord insurance covers you against any claims that may be made by your tenant. When your tenant gets hurt and decided to lay it on your head as a landlord they get wounded and say it is your fault.
It covers you should there be any case of your tenant or a visitor falling or getting injured on your property and you’re being held responsible.
Coverage against legal expenses
This cover is there if, your tenant for any reason, should invite you to court. It takes care of your legal expenses or claims. This cover sometimes comes with a policy on its own.
Who is Martin Lewis landlord insurance for?
For anyone who owns a house and has decided to rent it out. Landlord’s home insurance is a type of home insurance a house owner gets on his rented property. This covers only the building and contents in your rent-out apartment.
Even though it may not be a legally compulsory do-or-die-affair still, landlord insurance is a very important policy to cover your property investment. And a very wise step to take towards ensuring your property investment.
Circumstances may come up and you may become stranded. Getting an insurance policy for your rent-out a property means that, even though your property gets damaged by a fire outbreak, or gets stolen, the cost of repair or replacement is off your shoulders.
Except if whatever that may become of the house does not concern you in any way, whether it collapses or the entire belongings in there get stolen, then you may not need an insurance policy for your rental property.
The cost of Martin Lewis landlord insurance
On money experts, it is easy for you to compare and find cheap home insurance for landlords. So, before going for a policy, even though it may be cheap and affordable,
You need to make sure the policy cover you have chosen provides all the cover you need. Shop around, therefore, for affordable insurance cover as a landlord before going for the one that suits you.
The cost of insurance under any kind of cover depends on the provider and the kind of policy. How much landlord insurance costs are dependent also, on the policy you have chosen to go for if you are insuring more than one property, then the cost that your policy gives will fully affect you when your premiums are being calculated.
Getting cheaper home insurance
One major and paramount reason why one needs to compare insurance companies and policies is to know which is cheaper and or less demanding and expensive. If you are comparing insurance companies and policies to know which is less expensive and cheaper.
With Martin Lewis insurance, you are sure to get cheap insurance for your rent-out property. But, for you to get cheap home insurance as a landlord, there are a few pieces of information you will have to provide. And things that you need to do.
The list of information you may have to provide is;
- The address of your property
- Construction or building date of your property
- How long have you owned the property?
- The type of property (flat or house).
- Location of the property, including whether it’s in a flood plain, near large trees, or if it has experienced subsidence.
- Information about the security of the property, including its lock and alarms.
- Insurers see thorough tenant reference as a risk management strategy and may reward you with lower premiums.
- Details about yourself and any claims you’ve made on other insurance policies in the last five years
About Martin Lewis landlord insurance
The English financial journalist and broadcaster were born on May 9th 1972. He founded a group he named Money-saving-experts, which he sold in 2012 to moneySupermarket.com for up to £87 million. For almost two decades, Martin Lewis has provided consumers in the UK with tips
On finance and tricks to help them stretch their pay packets. The purpose of the creation of the site was to give money advice to people. And from the reviews of their customers, the money has saved a lot of souls, helping them save and not go bankrupt overnight.
How to contact Martin Lewis landlord insurance
You can contact a money expert by the following means; Website: moneyexpert.com. Tel: 0800 011 1395
About money supermarket
Money supermarket is a website-based business specialising in financial businesses. It is a money comparison website which helps customers to compare prices on varieties of products like home insurance, car insurance, credit cards and loans.
The business was founded in 1987 by Simon Nixon and Duncan Cameron. In 2012, Martin lewis sold his company money experts to a money supermarket for £87 million.
Although the company had been sold, Moneysupermarket still has Martin Lewis, the founder still remained as the chief editor of the platform.
The company, which was once a traditional mortgage subscription business, became known as a mortgage in 2000. In the same 2000 launched its sister website business Travelsupermarket.com.
Conclusion
Money Expert is a price comparison site that can help you fetch dozens of quotes from Insurers in minutes, enabling you to identify the policies with the best prices and most suitable terms. With Money Experts, you are privileged to Save up to £102 on your home insurance. And, it is recommended by 92% of its users. Money experts help guide you through comparing landlord home insurance policies.
FAQs about Martin Lewis Landlord Insurance
How does landlord insurance work
Landlord insurance covers as many properties you let out to people On rent, against damage of any form except intentional.
Does landlord insurance also cover rent fee
Yes. Landlord’s insurance covers your rent should your tenant refuse to pay their rent or in a case of loss of rent.
How much does landlord insurance cost
the cost of insurance depends on the provider and policy you have chosen. While some providers make theirs cheaper, some make theirs costly.
Is landlord insurance compulsory in the UK
No. Landlord insurance is not mandatory by law, it is an individual’s decision to take against protecting your property investment.
