In this article we look at some unusual aspects that you might want to consider when preparing landlord insurance.
First of all you need to ensure that there are clear protocols on the things that are covered and the things that are not covered.
You also need to ensure that the value of the property is accurately represented.
For example houses in flooded areas are an absolute nightmare to insure.
The providers have come to the reasonable conclusion that the risks are not worth their investment.
You will be on the receiving end of these decisions because they can decide not to cover your property.
However you can do something about it through the various negotiating models that come your way.
A comprehensive model for landlord insurance You need to ensure that as many things as possible are covered.
This might mean that you go out there and check the policies that are working within context.
If you live in a flooded area then you need to go for the specialist providers who will be able to mitigate the risks.
Of course all landlord insurance policies merely pool risks together.
The specialist firms can then find you people that are in similar circumstances.
Remember that there is a lot of expense that is involved when insuring high risk properties.
You should be prepared to use the wallet from time to time.
There are also certain aspects that relate to the maintenance of the building.
For example the landlord insurance policy might have some coverage on employers' liability.
If you employ cleaners on the property then they have to be covered.
The broker may or may not suggest this part of the policy but you need to push it.
This will help you to avoid the costs that are associated with long term liability.
You will also be able to make decisions that are coherent in many respects.
It is this kind of change that is required in all circumstances.
The landlord insurance policy might have certain considerations for third party liability.
Your tenants might make mistakes that end up costing you the policy.
You need to ensure that there are adequate arrangements to deal with the requirements that are expressed by your tenants.
Likewise you need to watch out for any claims that might arise due to the action of third parties.
Ensure that these are included within the original policy documents.