The Short Answer:
It is in your interest to protect the money invested into your rental property – so each and every landlord across the land should be taking precautions and buying landlords insurance for each property they rent out.
For a small outlay you can get complete piece of mind - at some point or other you will have to make a repair to damage to your property, and having landlords insurance will inevitably save you money, time and effort. Landlords insurance provides peace of mind that the investment you have in the property is kept safe!
The Long Answer:
As a landlord, the thought of getting landlords insurance may not have even crossed your mind – or if it did, it was the thought of another cost you didn’t really need! You couldn’t be more wrong.
Whilst there may be a few minor problems that you as a landlord can easily overcome – fixing that leaky tap, etc – there will inevitably be some problems that are way beyond your means – chip pan fire in the kitchen – which can cause you huge losses in rental income, as well as causing you stress and taking up even more of your time and money to put right.
Renting property is a business after all, so anything you can do to stop any losses and cut costs should be completed. It takes away the risk element involved in renting out your property, and protects your investment. Don’t think the problems that affect other landlords won’t affect you!
Landlords insurance policies can come with additional cover that make it very easy for you to operate as a landlord, protecting you against all eventualities:–
· Insuring the contents you own in the property – sofas, carpets etc;
· Providing liability insurance if a tenant injures themselves in your property;
· Loss of rent insurance – so you have an income whilst damage repairs take place;
· Alternative accommodation insurance – so you don’t have to nip into your own pocket to put tenants up in a hotel whilst repairs take place;
· Accidental damage insurance to cover accidental damages made by tenants.Landlords insurance will protect you from the many problems you may encounter with your property, and will release the strain on your shoulders, providing you with piece of mind that your investment is fully protected. So what are you still reading for? Go out and get landlord insurance now !