If you are a landlord of a rental home and you don’t have an insurance policy in place for your property, then let me tell you that you are risking not just your property but also the health and safety of your tenants.
Landlord cover is crucial for you, especially when an emergency arises like an electrical breakdown, boiler breakdown, external and internal plumbing drainage issues, or someone breaking into your property.
So, getting your property insured is among the most important things that you will need to consider. In this article, I will be sharing 5 surprising reasons why you need landlord insurance, how it can save you money and ensure the safety of your house and the tenants living in it.
1. Accidents Caused By Electrical Damage
Electrical damage in appliances can occur at any time and it is not under your control. Various appliances can catch or cause electrical fires due to numerous reasons. As a landlord, it is your responsibility to ensure that any electrical appliances your tenants bring are safe.
In addition to that, you should also take the necessary precautionary measures, so that all wiring and electrical installations are maintained safely throughout the tenancy.
But let’s be honest, you can’t live with your tenants all the time and you can’t monitor how they maintain their electrical appliances.
In this situation, landlord insurance will come in handy, when an electrical emergency arises your insurance provider will cover the damage. Along with that, they will send engineers who will identify the source of the fault and might prevent it from happening again.
2. Uncertain Weather Conditions
As a landlord, you should be bothered by uncertain weather conditions. Because bad weather such as storms, heavy snowfall, and heavy downpours can cause hefty damage to your property.
Apart from costing you a huge amount of money in damage and repair, it makes your tenants leave the property because of damage, causing you a loss of rental income.
As a landlord, you can’t prevent natural calamities. Here landlord insurance becomes your saviour in covering a significant amount of damage repairs. You can never predict the changing environmental conditions even scientists are finding it difficult to do it. But what you can do is get your rental property insured to ensure your peace of mind.
3. Water Leakages and Burst Pipes
Water leakage and pipe getting burst makes the landlord spend a lot of money on plumbing and repair. And according to various research reports, water leakage issues are among the primary reasons for tenants to file complaints against landlords.
There are a lot of reasons why water leaks or your pipes vibrate or burst. Sometimes it might be influenced by your tenants. But you can’t blame your tenants as they get quite annoyed if your property makes them call a plumber in and out to fix the problem.
But if you get landlord insurance cover that covers external and internal plumbing and drainage issues then both you and your tenants can enjoy the ultimate peace of mind.
4. Cover Against Break-Ins and Theft
Home invasion and robbery is a kind of external threat that you as a landlord just can’t avoid. It is very unfortunate that landlords must face damage costs due to break-ins and theft. These instances are not under your control, but you must bear the loss of damage property, broken doors, locks, and windows.
If you don’t have insurance in place, then you will have to pay for the damages. It is what it is, and you can’t prevent it. But what you can do to avoid these uncertain situations, is get yourself landlord cover, as many providers cover you for the losses caused due to break-ins and theft.
5. Cover Against Rodent and Pest Infestation
Who is responsible for rodent infestations – landlords or occupants? This is an important question that you should ask yourself if you are an owner of a rental property. The simple answer to that question is: If insects or mice are entering your property frequently then it means that there is a structural defect in your property and it will be your responsibility to resolve the problem, also mentioned in the Landlord & Tenant Act 1985 section 11.
Insects entering your home cause panic situation for your tenants. Although it is not your fault entirely, it is your responsibility. Getting yourself landlord insurance will get you covered against rodents and pest infestation.
I hope through this article I particularly have highlighted the importance of having landlord coverage and might also specifically provide some incentives for doing so, which basically are quite significant.
As a landlord getting your rental property property covered by insurance is very crucial in terms of saving money and ensuring the health and safety of your tenants. So, if you haven’t insured your property yet then let me inform you that you are obligated to do so both morally and legally.