Acumus Landlord Insurance
Acumus is a specialist landlord insurance provider. They offer cover for landlords with one or more properties, whether you are letting out your property long-term or short-term.
Many landlords don’t know the right questions to ask before purchasing their policy. Some common questions to ask include:
1) How much does it cost?
2) What if I need my home back?
3) What types of buildings am I covered for?
4) Do I have to pay anything upfront?
5) Is there any excess on top of my premium payments each month/year?
Acumus have a dedicated customer care team on hand to answer any questions you may have. They can help with policies for one property or ten properties and whether your rental income comes from social housing tenants or young professionals.
Types of Landlord Insurance Offered By Acumus
Acumus generally offers four major coverages for landlords, which include the following:
- Landlord contents insurance
- Landlord building insurance
- Landlord liability insurance
- loss of rent insurance
Landlord Building Insurance
This is the cover that protects your property against damage due to fire, storm or theft. It is one of the most common insurance landlords get. This is also known as dwelling coverage.
Landlord Contents Insurance
This coverage protects a landlord’s belongings from loss and damages caused by any unforeseen incident, such as water leakage within the unit, vandalism, accidental breakage of glassware etc.
Liability Cover for Landlords
The third type of insurance offered by Acumus covers legal costs associated with injuries at the rented premises, which are attributed to you as a landlord. This includes claims made by other tenants if they were injured on your premise because it was not safe enough to live in.
Loss of Rent
The fourth and final insurance type offered by Acumus is loss of rent. If your rental property became uninhabitable for some unforeseen reason, this policy would cover the lost rent payments until you can resume letting out the property again.
What Type Of Landlord Insurance Should I Get?
Suppose you are a landlord who has the above question in his mind. In that case, the answer is that you should get a combination of different types of landlord insurances that you can afford and the ones that make you feel comfortable renting out your property.
It is highly recommended that landlords have both contents and building insurance in place to protect against damages or losses that may occur at the rented dwelling.
Personal Items Used For Maintenance of Rental Property
If you are a landlord and use any personal belongings to maintain the property, you must disclose this when taking out insurance. This is because most content policies like Acumus cover personal belongings used on the rental property. For example, a lawnmower used for landscaping on the rental property can be covered under your landlord insurance.
Extra Coverages for Landlords
Some extra coverages can be added to the four primary landlord insurances. These include:
Loss Of Rent Insurance: This covers you for any lost rent payments due to your property becoming uninhabitable and therefore unable to let out as a rental unit or commercial space.
Legal Expenses Insurance: If legal fees, court costs and fines come about because someone was injured at your rented premises, then this type of insurance will take care of those expenses with no additional cost from you as a policyholder.
Injury Cover: Some policies offered by Acumus, such as their homebuyer protection plan covering landlords, include injury coverage which covers medical costs if someone is hurt on your property.
Contents Replacement: If your contents are stolen or damaged, this type of insurance covers the costs of replacing your personal belongings when you get new ones. This is also known as reinstatement coverage and is particularly useful if you have an expensive collection that has great sentimental value, such as jewellery, artwork, etc.
If your property is vandalized, this type of insurance can help cover the costs associated with repairing or replacing any damages caused.
If your property is burglarized and items are stolen, this type of insurance can help cover the costs associated with replacing those items.
Rental property under construction
If you are a landlord constructing or renovating a rental property, it is essential to have insurance in place during this time. Acumus can also provide coverage for your rental property that is under construction.
Most landlords these days have some landlord insurance in place, and for those who don’t, it is highly recommended that they speak to an insurance broker about getting a policy that suits their needs. As you can see, there are many different types of coverage available which makes it easy for landlords to find something that fits their budget and rental situation.
If you want Acumus landlord insurance, you can get it through us. Buying from us will help you compare different rates from different insurance companies. This will help you make a better and more informed decision while buying a landlord issuance.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Flooring Contractor Insurance
Fitness Instructor Insurance
Fast Food Insurance
Remember to Compare Your Business Costs is here to help your business every step of the way from business advice, or saving you time and money on your business purchases such as: