Landlord Fixtures and Fittings Insurance
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Learn About Landlord Fixtures and Fittings Insurance*
Learn more about landlord fixtures and fittings insurance, before you dive right in there!
Here we go...
Renting out your property means entrusting someone else to take care of it.
- While most tenants are decent people who will treat your property like their own, there's a risk of that one tenant who could move in and leave you out-of-pocket.
- Plus, some risks like bad weather are beyond control.
In that case, you need to keep your fixtures and fittings protected
Although fixtures and fittings are often covered by the landlord
buildings insurance, which we'll discuss later, some instances will
require you to take out a separate policy to cover them; for instance,
if you own a flat but the freeholder arranges for the buildings
Now on to...
What does the insurance company regard as fixtures and fittings?
There are no set definitions for what constitutes fixtures and fittings.
- However, fixtures are generally items that are bolted to the walls or floor such as built-in wardrobes, light fixtures, plumbing installations, kitchen units, electric sockets, and so on.
- Fittings, on the other hand, are free-standing items such as carpets, ovens, blinds and curtains, washing machine, lamps and lampshades, free-standing furniture, etc.
- The insurance company will help cover the costs of repairing or replacing any of the above items in case they are damaged by a covered risk
What risks are covered?
There's a multitude of things that this policy can cover your fixtures and fittings against, including damage caused by fire, outsiders (who are not your tenant), falling trees, riots, water damage, impact by vehicles or animals, theft, vandalism, and so on.
- If any of your fixtures or fittings is damaged beyond repair, the insurance provider will cover the cost of replacing them on a new for the old condition.
- This means replacing them with new equivalent items regardless of their age. There's, however, an exception to this.
What's not covered?
The fixtures and fittings insurance policy might not cover tenant damages, to any of your fixtures and fittings.
- Such damages will require a policy that includes malicious damage caused by tenants.
- Also, every insurance provider has terms and conditions to ensure you get what you pay for.
- This includes an exclusion section that shows what they will not pay for. Carefully read and understand a policy before accepting it.
- Be sure to ask as many questions as possible to ensure your policy has everything you want to cover.
What should you do when you spend money on your fixtures and fittings?
Most policies require you to take reasonable measure to prevent further damage.
- If you end up spending money on emergency repairs, make sure you keep all the payment receipts. People are always trying to scam insurance companies by claiming for things they never bought in the first place. (Not saying you, here by the way!)
- Keeping a record of all your purchases will provide the much-needed proof, which in turn allows for a much faster payout. Remember to take photos as well before you make any emergency repairs.
- Like any other insurance policy, the exact cost of landlord fixtures and fittings insurance will depend on the insurance provider and what you want to be covered.
- But, as a rough guide, expect such a policy to cost about £80 per year. As mentioned earlier, it helps to get quotes from multiple providers to find one that caters to your needs.
- Take a quote for cover on landlord fixtures and fittings insurance, just click here.
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