Being a landlord isn’t always as easy as it seems. You are, after all leaving your property, a major investment in the hands of someone else. One of the best ways to protect you is by taking out specialist landlord insurance. It is often a requirement from your mortgage company and means that you won’t get stung if something happens to your property.
How is Landlords Insurance Different to Normal Property Insurance?
Normal property insurance will protect you from loss or damage caused by left, vandalism or civil commotion, acts of nature such as lightening, storms or earthquakes, fire or smoke, oil or water leakage and burst pipes, damage caused by vehicles, animals, aeroplanes, falling trees etc and subsidence.
When you are renting out your property, this insurance could be affected due third party rules and so landlords can cover themselves fully through the landlords insurance. This will also cover giving temporary accommodation for tenants should something occur in the property (as well as possibly cover for your loss of earnings), as well as damage caused maliciously by your tenants.
What about Contents?
Most landlords will not need full contents insurance as they don’t provide all of the contents, although if you are renting out the property fully furnished you may want to consider this. You can also choose to insure certain items in your property if you feel like you need to.
Home Emergency Cover
This is especially useful to landlords who don’t use an agent or don’t live near to the property. A home emergency cover will provide emergency services should your tenants need it, such as plumbing services, electricity services, lost keys, drainage etc. It means that you and your tenants will have peace of mind.
Having special landlords insurance isn’t just about making sure that you are protected; it is often specified in mortgage agreements that you must have it. You can tailor your policy to suit your specific needs and those of your tenants to ensure that every situation is covered to give peace of mind to everyone.