If you’ve recently decided to rent out one of your properties, you will no doubt be looking into the many different types of insurance needed to protect your investment. Landlords Insurance is one of the best ways of protecting your property from damage caused by your tenants.
Having the right form of insurance ensures that you will be fully covered should your tenants damage, flood or set fire to your property.
Having tenants living in your property means that what they get up to is out of your hands, so making sure you are suitably covered on your end will help resolve any potential disasters that may arise.
Landlords Insurance, along with any form of insurance can vary greatly in cost depending on what type of cover you decide to go with.
Many of the main high street insurers now offer landlords insurance, meaning that prices are extremely competitive.
For basic cover you can be paying as little as £10 a month, covering superficial damage to furniture, fixtures and carpets caused by your tenants or through theft. Cheaper insurance policies don’t really give landlords adequate protection because they won’t cover flooding or fire damage. These types of damage are by far the most expensive to repair, so making sure your policy will protect you is a must.
Comprehensive landlords insurance will cost anywhere from £40-£50 a month, depending on the size and location of the property you wish to insure. This may put some landlords off, though when you consider the potential damage a fire could cause, making sure you are suitably covered is essential.
Imagine a property of yours was damaged by flooding, making the property uninhabitable. Building and content insurance may cover some of the damage but when it comes to putting your tenants up in another property, you will be left to pay for that yourself unless you have landlords insurance.
The second reason Landlord insurance is preferred over any other type of insurance is that should there be significant downtime during the repairing of your property, you will be properly reimbursed by your insurer for the loss of rent money.
If you’re interested in purchasing landlords insurance, it’s well worth shopping around online to get the best deal.
Try using price comparison websites as well as money saving sites to find the best ways of keeping your insurance costs down. Many insurers have online systems to give you the cheapest possible quotes in minutes, so finding the right insurance for your property should be relatively simple.