Comprehensive landlord insurance is a type of insurance aimed particularly to protect landlords in circumstances where they are disallowed to use their own property to earn an income. Such circumstances can arise from legal disputes between landlord and tenant due to severe damage to the property. In all such circumstances the landlords get compensated for related legal fees, costs to repair damages, and any loss of rent during the repair work.
There are various types of comprehensive landlord insurances available on the market. Landlords are often advised to carefully judge different options before buying a comprehensive landlord insurance policy. Generally comprehensive landlord insurance offers two important methods with which property losses can be settled. Those two methods are – ‘cash value settlement’ and ‘replacement value settlement’.
In cash value settlements the landlords generally pay a lower premium and in return they receive compensation only after denunciation from the current value of the property has taken place. With a replacement value settlement, the compensation covers the costs of replacing the damaged property. This is considered without any assessment or before any possible evaluation; however property has to be replaced in order to qualify for this settlement. Even though comprehensive landlord insurance covers the property and the rights of the landlords, tenants can also benefit if they are covered with renters’ insurance.
If you are a landlord, you must be aware of the fact that damage to personal belongings or property within a tenant’s residence is the responsibility of the tenant, even if someone else is using it. Comprehensive landlord insurance policies include following salient features:
o Malicious or deliberate damage to the property by the tenant or their guests
o Any theft by the tenant or their guests
o Loss of rent if the tenant stops paying their payments
o Any liability such as a claim against you by the tenant
o All the legal expenses incurred in taking action against a tenant.
If you are a landlord it is generally advisable to buy comprehensive landlords insurance, as by this you not only secure your property but also get peace of mind. If you wish to buy comprehensive landlords insurance in the UK, IPS Landlords Insurance is at your service. IPS Landlords Insurance provides landlords with years of successful experience, cases and experts. They specialize in protecting landlords against any unexpected incident or mishap. For more information on comprehensive landlords insurance, landlord building insurance providers, landlord building insurance, and landlord building insurance in the UK visit www.ips-insurance.com.