If you have property that is surplus to the one you are living in (and you are renting it out, making profit from the income), home insurance on the property is not enough to guarantee that you are protected from events such as a burglary and a fire on your policy.
Insurance companies have devised a new type of insurance, landlord insurance, which is tailored with features that are optimised to suit landlords in the event that they become liable for one reason or another.
In this article, we are going to explore landlords insurance in the UK in more depth, analysing how it can be applied.
Now – one of the things which you can be asking yourself is this: how on earth could landlords insurance benefit me in the slightest way? By looking for the following policy features, you can find that you have a safety net for every eventuality which could be thrown at you due to unpredictable circumstances.
One such example can be in the event of a fire which devastates the interior of your home. Of course, conventional home insurance protects a homeowner against the expense of re-establishing the home back up to liveable standards. However, with the added protection of landlords insurance, this cover can also extend to the insurer paying the rent that you might be relying on each and every month.
Another example where landlords insurance can come in handy is in the event that the relationship between a homeowner and the person they are renting to turns sour. Unfortunately, this can happen quite frequently – and it can even get to the extent where a tenant might be acting deliberately disruptive in their rent payments, falling behind and causing inconvenience to the landlord. Legal expenses can be covered in the event of a disagreement by insurance for landlords, which can in turn ensure that a landlord is reimbursed for any money that they might have lost during the period of inconvenience.
The premiums which you might have to pay could increase as a result of the amount of properties you might have, the location of your property, and the size and contents of your property. It can be tedious going through the paperwork to get the cover you need – however, it can be definitely worthwhile should it ever be needed if things turn sour when renting your assets. For those who are new in the industry, this can prevent losses: something which certainly isn’t a bad thing.