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Do You Need Landlord Insurance or Structural Insurance? by Sonia Allende Garcia
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Do You Need Landlord Insurance or Structural Insurance? |
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Insurance,Construction
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If you live in the UK, and you are invested in property buildings for buy to let, one thing you must consider is landlord insurance. Landlord protects you from many mishaps along the way, especially if you are renting to tenants. If you are planning on constructing on a property, another policy to consider is structural insurance before the build process begins. Every landlord in the UK should and must purchase landlord insurance. Not only are you well protected from several elements, you are provided an assurance that your money is well invested and protected. Besides landlord insurance, another insurance type to consider is structural insurance. There is no doubt about it, landlord insurance is one of the most important insurance policies any building owner, especially with tenants, must purchase. But, sometimes when it comes to different types of insurances, confusion about what exactly it is you might need, can start muddling around in your head. Landlord insurance can help protect you in more ways than you think. Many decide on a real estate investment as a way to secure their future. Purchasing a property with a building fit for tenants is in fact a great investment to make. But, and this rings especially true in the UK, tenants receive the most protection from the government than the actual landlord. However, fear not because with the right insurance by your side, you can stay protected and not have to worry about whether your investment is sound. Basic landlord insurance should be purchased the minute you secure the property and take over ownership. This type of insurance covers any kind of damage or losses that the property might suffer in many different scenarios. It even covers legal issues that may arise down the road with regard to tenants or overall property issues. If the buy-let property should suffer through natural elements like flooding, storms, hail, hurricanes etc., and then landlord building insurance will keep you covered. So, what if you are self building? If you’ve purchased a plot of land and are planning to build a structure that will house tenants, there is something called structural insurance or 10-year structural insurance. This type of insurance can help protect your build with regard to construction and workmanship; and even later down the road say 10, 12 or even 15 years, just in case of shoddy work done on the initial build. There are several horror stories that circulate throughout the construction industry of builders who try to pocket money by purchasing sub-par materials. In order for you to secure a mortgage through a UK lender, you must have structural insurance or 10-year structural insurance on the building. Most lenders won’t even consider your application unless you are well protected during the building project. This is all for very good reason; you are after all investing a lot of money into this project in the hopes of making back double that amount over the next 10 to 20 years – even less. You can’t be bogged down with problem after problem, dipping into your savings account because you are constantly replacing or repairing around the building or property. Insurance will cover all the basics, and this includes both landlord insurance and structural insurance during the building process. It is after all better to be safe than sorry – remember, the tenants you house will be very well protected even if they are shoddy themselves…this is just the law of the land. But, by insuring yourself against anything else these tenants might do, you can stay secure in the notion that your overall investment is not affected.
Related Articles -
landlord insurance, structural insurance, 10 year structural insurance,
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