How to Get Contents Insurance Cover for Landlords
Inventory what you own., Gather important information., Find contents insurance providers., Work with an agent or broker., Decide if you want add-on policies., Get quotes online., Read a sample policy., Compare policies., Sign a policy., Pay your...
Step-by-Step Guide
-
Step 1: Inventory what you own.
Before you can purchase landlord’s contents insurance, you need to identify all of the contents that need to be insured.
You also need to appraise their value.
Generally, you should identify the following, which landlords often cover with contents insurance:carpets curtains furniture (if furnished) domestic appliances household goods light fixtures -
Step 2: Gather important information.
You will need to provide the insurer with certain information before they can adequately give you a quote.
Accordingly, you should write down the following information:type of property (e.g., residential, commercial, or mixed) postal code of the property year the property was built the kind of residential property, such as detached or semi-detached house, bungalow, entire building with multiple units, etc. how long you have been the owner whether the property will be occupied , You can find companies that over contents insurance for landlords by searching online.
Type “landlords contents insurance” into your favorite search engine and look through the results.
In the United States, you can often get contents insurance as an add on to other landlord insurance.You should talk to your insurer about whether this is an option for you. , Another option is to purchase contents insurance through a broker or agent.
Some agents work only with one insurer.
However, an independent agent or broker can contact multiple insurers and find the right policy for you.If you are pressed for time, then you might want to hire an independent agent/broker to help you.
You can find a reputable agent by asking another landlord if they have used one.
If so, ask if the landlord would recommend them.
You can also look in the Yellow Pages. , There are many different add-on insurance policies you could select along with your landlord contents insurance policy.
Some insurers might bundle them with contents insurance already, or they may be optional.
For example, you might want to get the following:loss of rent coverage property owner’s liability employer’s liability accidental and malicious damage by tenants coverage for boiler or heating emergencies , Before purchasing insurance, you need to get quotes online.
You can get quotes in a couple of different ways.
Choose the one which is easiest for you:
You can obtain quotes individually from each insurer.
There should be a link on their website that you can click to get a free quote.
You can also use websites which will give you quotes from a variety of different insurers.
For example, the Simply Business website will allow you to compare quotes from many different insurers at once., You shouldn’t purchase a policy unless you understand what it covers.
The insurer should be willing to provide you with a sample policy.
Make sure that the policy covers everything that you want covered. , You shouldn’t rush and purchase the very first policy you receive a quote for.
Instead, you should compare policies.
There are many different factors to compare.
If you worked with a broker or agent, you should meet with them to discuss.
Price.
Your quote should give you a premium.
Excess.
To prevent you from making trivial claims, the insurer might include an excess provision.
If the provision is for $2,000, then they won’t pay out unless your claim is for more than $2,000.Coverage limits.
This is the maximum amount the policy will pay out.
It should be at least as much as the value of your contents.
Replacement.
The policy could replace used items with new items, or it might replace used items with comparable used items.
Cause of loss.
Also check what losses are covered.
Generally, a policy should cover losses caused by natural disasters such as floods, earthquakes, bush fires, and storms.You may also be covered in event of theft or destruction by the tenant, although some insurers only include this as an add-on. , Once you settle on an insurance policy, you should sign any paperwork and keep a copy of the signed policy for your records.
If you used an agent or broker, then paperclip their business card to the policy.
You will need to contact them when it is time to make a claim. , Remember to make your payments in a timely fashion.
If you don’t, then your policy can be cancelled.
If you need help remembering to pay your premiums, then set up automatic bill pay with your bank or credit union. , Unfortunately, accidents can happen and you may need to make a claim.
If you worked with an agent or broker, you should contact them to help you with the claims process.If you purchased a policy directly from an insurer, then find your policy and call the number provided.
You should take pictures or video of all the destroyed contents.
You will also have to fill out some forms and submit them to your insurer. -
Step 3: Find contents insurance providers.
-
Step 4: Work with an agent or broker.
-
Step 5: Decide if you want add-on policies.
-
Step 6: Get quotes online.
-
Step 7: Read a sample policy.
-
Step 8: Compare policies.
-
Step 9: Sign a policy.
-
Step 10: Pay your premiums.
-
Step 11: Make a claim.
Detailed Guide
Before you can purchase landlord’s contents insurance, you need to identify all of the contents that need to be insured.
You also need to appraise their value.
Generally, you should identify the following, which landlords often cover with contents insurance:carpets curtains furniture (if furnished) domestic appliances household goods light fixtures
You will need to provide the insurer with certain information before they can adequately give you a quote.
Accordingly, you should write down the following information:type of property (e.g., residential, commercial, or mixed) postal code of the property year the property was built the kind of residential property, such as detached or semi-detached house, bungalow, entire building with multiple units, etc. how long you have been the owner whether the property will be occupied , You can find companies that over contents insurance for landlords by searching online.
Type “landlords contents insurance” into your favorite search engine and look through the results.
In the United States, you can often get contents insurance as an add on to other landlord insurance.You should talk to your insurer about whether this is an option for you. , Another option is to purchase contents insurance through a broker or agent.
Some agents work only with one insurer.
However, an independent agent or broker can contact multiple insurers and find the right policy for you.If you are pressed for time, then you might want to hire an independent agent/broker to help you.
You can find a reputable agent by asking another landlord if they have used one.
If so, ask if the landlord would recommend them.
You can also look in the Yellow Pages. , There are many different add-on insurance policies you could select along with your landlord contents insurance policy.
Some insurers might bundle them with contents insurance already, or they may be optional.
For example, you might want to get the following:loss of rent coverage property owner’s liability employer’s liability accidental and malicious damage by tenants coverage for boiler or heating emergencies , Before purchasing insurance, you need to get quotes online.
You can get quotes in a couple of different ways.
Choose the one which is easiest for you:
You can obtain quotes individually from each insurer.
There should be a link on their website that you can click to get a free quote.
You can also use websites which will give you quotes from a variety of different insurers.
For example, the Simply Business website will allow you to compare quotes from many different insurers at once., You shouldn’t purchase a policy unless you understand what it covers.
The insurer should be willing to provide you with a sample policy.
Make sure that the policy covers everything that you want covered. , You shouldn’t rush and purchase the very first policy you receive a quote for.
Instead, you should compare policies.
There are many different factors to compare.
If you worked with a broker or agent, you should meet with them to discuss.
Price.
Your quote should give you a premium.
Excess.
To prevent you from making trivial claims, the insurer might include an excess provision.
If the provision is for $2,000, then they won’t pay out unless your claim is for more than $2,000.Coverage limits.
This is the maximum amount the policy will pay out.
It should be at least as much as the value of your contents.
Replacement.
The policy could replace used items with new items, or it might replace used items with comparable used items.
Cause of loss.
Also check what losses are covered.
Generally, a policy should cover losses caused by natural disasters such as floods, earthquakes, bush fires, and storms.You may also be covered in event of theft or destruction by the tenant, although some insurers only include this as an add-on. , Once you settle on an insurance policy, you should sign any paperwork and keep a copy of the signed policy for your records.
If you used an agent or broker, then paperclip their business card to the policy.
You will need to contact them when it is time to make a claim. , Remember to make your payments in a timely fashion.
If you don’t, then your policy can be cancelled.
If you need help remembering to pay your premiums, then set up automatic bill pay with your bank or credit union. , Unfortunately, accidents can happen and you may need to make a claim.
If you worked with an agent or broker, you should contact them to help you with the claims process.If you purchased a policy directly from an insurer, then find your policy and call the number provided.
You should take pictures or video of all the destroyed contents.
You will also have to fill out some forms and submit them to your insurer.
About the Author
Debra Harris
Specializes in breaking down complex creative arts topics into simple steps.
Rate This Guide
How helpful was this guide? Click to rate: