Today, Nick takes a look at the essential topic of landlord insurance in the UK. He outlines key considerations for property investors, including the importance of building insurance, contents insurance, and additional coverage options like loss of rent and public liability insurance. Nick notes the need to understand policy details, such as exclusions and limits, and encourages listeners to compare prices from specialist insurers to find the best value. He also highlights the significance of customer service and clear policy documents, reminding landlords to conduct thorough due diligence before making insurance decisions.

KEY TAKEAWAYS

It's essential to have building insurance that covers the structure of the property against various damages, including fire and flood. Be sure to check for exclusions, such as damage from Japanese knotweed.

Consider whether contents insurance is necessary based on the items in the property. For properties with minimal contents, it may not be cost-effective due to high excesses.

Look for policies that offer loss of rent cover in case the property becomes uninhabitable or if tenants stop paying rent. This can provide financial security during difficult times.

Ensure you have public liability insurance to protect against claims from third parties and consider legal expenses cover for eviction proceedings or tenant disputes.

Always read and understand the policy documents, including terms, conditions, and exclusions. This ensures you know what is covered and helps avoid issues when making a claim.

BEST MOMENTS

"One of the most important things you do to protect your assets is buy landlord insurance."

"You need to check for exclusions; some policies may exclude certain types of damage such as subsidence or Japanese knotweed."

"Not everyone wants accidental damage cover. So it's subjective; it's a personal choice, I think."

"You need to know the rebuild cost because your insurer will ask, 'What's the rebuild cost on that property?'"

"Make sure you understand the policy, what's included, and what's excluded. Very important."

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HOST BIO

Nick is an award winning property investor, voted Fastest Newcomer 2022 by Premier Property, and is an accredited Retrofit EPC Assessor. He sources and renovates properties for himself as well as other investors. While doing this he has developed his own systems for efficient investment, such as developing his own methods to save time when viewing properties and estimating market values and potential returns, costing out renovations.

He spends three months of the year abroad and while there continues his business with use of modern technology and his proven systems.

Location freedom has always been his "Why" for being a Property Investment and has now reached his ideal of the colder months spent in Thailand and the rest of the time in the UK, all while continuing to run his business

This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/