If you own a house split into bedsits, or in any other kind of multiple occupation, you'll need insurance for it. However, why apply for quotes from one company, when with one form you could ask multiple top insurers to compete for your business?
Letting rooms in houses can be an extremely profitable business but there are potential pitfalls. Whilst most tenants are decent and honest people who will look after your house you may just fall for one or two who are careless, uncaring or even downright dishonest. Insurance is available to protect your assets - and if you have a buy to let mortgage your provider will probably insist on it anyway.
What kind of insurance is advisable?
You may not want all of these but they are all options, and often it is a lot cheaper to buy them together rather than separately:
- Buildings and contents - this could protect your structure , fittings and furniture against dangers such as fire (are any of your tenants smokers?), flood (even if the local river doesn't overflow, a bath tap left running can cause a LOT of damage!), subsidence, storms, theft and vandalism. And let's not even think about malicious damage.
- Personal liability - we live in a compensation culture and someone tripping over a loose carpet, slipping on stairs or otherwise having an accident that you could get blamed for could cause you huge problems.
- Unoccupied property cover - if your house, or part of it, is empty for a while it may be a target for squatters or vandals, and problems like leaks or bursts can go unnoticed for a long while.
- Legal cover - you may want to evict a tenant because of nuisance, neglect of your property, non-payment of rent etc but this can be difficult and expensive. Alternatively you may need to defend yourself in court against allegations such as harrasment.
- Rent guarantee - if your tenants are creditworthy you may be able to insure against non-payment of rent for an insured reason.
- Emergency repair cover - if a problem cropped up such as heating failure, frost bursts, power cuts etc you could have a policy in place to have it fixed quickly by local tradesmen.
- Accidental damage - if a tenant causes damage accidentally, what do you do if they can't or won't pay for it? This cover might indemnify you.
How much does this insurance cost?
Every premium is different because there are so many more factors for the insurers to take into consideration than for an owner occupied house; the number of tenants, their ages, their financial standing, are just some of the ingredients for the insurers to consider. However getting quotes is fast, puts you under no obligation whatsoever and will cost you nothing.
How it works
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So; why not get quotes from a panel including some of the most trusted and experienced insurers in the business?