A landlords insurance policy does fluctuate dependent on your budget and how comprehensive the cover is, as we have established in previous posts. Interestingly, whereas it is recommended that you have some aspects of a policy to protect you in the event that you need to claim, you can choose to reduce your premiums by opting out of some types of cover. In this article, we are going to look at the optional aspects to your landlord insurance policy.
With residential landlord insurance for tenants, you can upgrade certain types of cover if you have more than one property, or if valuables within your houses mean that you would want greater financial support from your insurer. For example, one landlord insurance policy from a leading company typically offers public liability cover of some £2 million, but if you wished, this could be ramped up to £5 million for additional expense to your premiums. In addition, if you wanted your contents to be protected more than usual, this policy would allow you to double the insurance allowance from £5,000 to £10,000.
In contrast, if you are a commercial landlord, there are other forms of optional cover available. For landlords with multiple offices, shops and rental properties, protecting against the potential effects of terrorism can be worthwhile, with cover if your properties are damaged irreparably for new builds. You could increase liability up to £5 million in a similar fashion to a residential policy upgrade, and there is also the chance to enhance employer’s liability insurance to £10 million’s worth of claims if you feel susceptible in this way.
All of these points of cover are optional, and paying a little more into your premiums can provide amazing savings you might not have been able to do without in the event something goes seriously wrong.