If you’re considering becoming a landlord you will most certainly need to get landlord insurance. This is a specific cover that protects your property investment when occupied by tenants. Being a landlord can present its difficulties, which is why choosing the best landlord insurance for you is so important. There are a few things to know about landlord insurance, we’ve outlined some below.
People aren’t perfect
The first and most important thing to remember when becoming a landlord is that people make mistakes and accidents happen. As landlord insurers we understand this too and provide insurance for all your needs. Whether this means a stain on the carpet, a flooded bathroom, or a smoke damaged room.
Honest is best
A rented property is considered to be at a much higher risk than a normal home. It is for this reason that landlord insurance exists, in order to fully protect both landlords and tenants. As a landlord you must get specialist landlord insurance rather than regular property insurance. If you fail to do this, your insurance could be voided and your investment left unprotected.
The bricks and mortar
Landlord insurance covers the cost of rebuilding your home from scratch, not just what it’s worth on the market. This is important as despite fluctuations with the housing market, your bricks and mortar are consistently protected.
Wear and tear
If you are renting out a furnished property, landlord insurance can protect your furniture, carpets, electricals and other possessions from damage and theft. This means you can have peace of mind when creating a liveable home for your tenants. This doesn’t include the tenant’s possessions; this is their responsibility to protect. Landlord insurance can just protect the items you put into your properties.
Loss of rent
Tenants who do not pay rent can result in a significant loss of income for any landlord. Loss of rent can also occur if the property is damaged to an extent that it is not suitable for tenants. Most landlord insurance will replace this lost rent to ensure your own living situation is not disrupted.
Becoming a landlord can present you with an opportunity for extra income now and an investment for years to come. With UKinsuranceNET we’ll provide you with all the advice and guidance you need to ensure the whole process runs smoothly. With us you’ll not only get a great deal on your landlord insurance but also the best help when you need it. Contact us today on 0844 875 5555 and we can guide you to the right insurance.