5 things you need to know about landlord insurance from the experts

As a landlord, it is inevitable that you will come across some complications that are out of your control, ranging from loss of rent to damaged furniture, which is why obtaining the best landlord insurance, is so important.

landlord-insuranceIf you obtain specialist insurance, you could be provided with buildings cover, contents insurance, along with optional cover for accidental damage, home emergencies and compensation claims.

Below you will find five factors that you should know about this form of insurance:

  1. Accidents happen. So you’ll want an insurance company by your side who understand and appreciate that accidents happen. A great landlord policy can be prepared to fulfil your exact needs. This means tailored to suit you and your tenants so you can make the most of your income. So whether it’s a flooded bathroom, red wine on the carpet, or builder’s rubble, landlord insurance can cover it.
  2. Protect your furnishings. When renting out a property, belongings of tenants are not insured. Their possessions are a separate responsibility. However, if your property is already furnished with items such as carpets and electrical appliances, they will be protected if damaged or stolen, so you don’t need to worry about what might happen to the items you buy for your property.
  3. Rebuild from scratch with peace of mind. Your insurance policy will be based on the cost of entirely rebuilding your property. So if you need to rebuild your property, this specialist insurance should consistently cover the cost.
  4. Honesty is the best policy. For landlords, specialist landlord insurance is needed rather than general property insurance, as rented property is far more at risk. Never try to get around this as you may void your insurance and be left with a hefty bill. Landlord insurance is designed specifically to protect the various issues landlords face that regular property owners may never encounter. So it’s in your best interest to choose the specialist cover.
  5. Complications with rent. If you’re faced with the issue of losing rent, your landlord insurance should be able to replace it, so that you can feel assured that a loss of income does not affect your personal living conditions. Tenants can be unpredictable so you can be rest assured that your monthly income and your own bills won’t be affected. You won’t have to rely on unreliable tenants.

Becoming a landlord can be a great opportunity and a chance for you to see extra income coming in every month. It’s an investment and as long as you’ve done your research and followed the right advice it’s bound to pay off. Just make sure you take out insurance that meets all of your needs and doesn’t include extras that are of no use to you and find a company that will listen.

Good luck on your landlord journey.