It is never good to assume and let everything to fate at times because when you have the capacity and facility to get insured, always go for it, even if it is something as rare as Landlord Insurance.
What is Landlord Insurance?
Landlord Insurance is an insurance policy that covers any financial losses that a landlord may incur from their rental properties.
It not only includes buildings and contents insurance but also covers tenant default insurance and any loss of rent and property owner’s liability.
What is Landlord emergency insurance?
Landlord home emergency insurance will cover repair costs, labour and call-out fees, for landlords to when if unexpected issues occur that requires dealing with right away.
What does Landlord insurance cover?
Landlord Insurance covers a lot of grounds, and here are some significant areas it covers.
- Contents (If you choose landlord contents insurance)
- Building (If building insurance is a part)
- Loss of Rent (kind of insurance and also the reason for loss of rent)
- Fire (if you have landlord buildings insurance)
- Water Damage (depends on the reason for water damage)
- Tenant Injury
- Eviction of Tenant (part of the cost)
- Broiler Breakdown (if included in your insurance)
- Malicious Damage (depends on the cause)
- Plumbing (if you have landlord buildings insurance)
- Rent arrears (if you have tenant default insurance)
What are the benefits of buying Landlord emergency Insurance?
If it does not benefit you, then buying landlord insurance or any kind of insurance renders it unnecessary.
Here are some of the reasons why buying emergency landlord insurance is a benefit in more ways than one.
The section above pretty much serves as the best example of why you need Landlord insurance.
Here are some things landlord insurance can help you in:
- Protects against damages made through vandalism or any kind of malicious damage.
- Takes care of loss of rent
- Covers your legal expenses while evicting a tenant.
- Thefts and Burglary are covered too.
These are just some of the most common and standard sections your Landlord insurance can cover.
There are many more added benefits, and they depend on what kind of added benefits you choose to add to your Landlord Insurance. It is recommended to get a boiler cover.
Do I Need Landlord Insurance?
If the benefits and the areas a Landlord insurance covers did not get your attention, you must know that even though it is not a legal requirement, it is a better option to get Landlord Insurance.
If you own one or two properties that you rent or lease out, it is better to get one to have a safety net. A default home insurance policy may not cut it if you want it to cover any issues related to renting out, so Landlord Insurance becomes a must for property owners.
What is the cost of Landlord Insurance?
The cost of each insurance varies according to what you choose to add to your insurance.
Your insurance cost will depend on your property value, the tenants, the areas you choose to cover and the type of insurance you choose.
Like any other insurance, the cost of the insurance will be calculated based on the cost of a possible claim and the likelihood of you making a claim, that’s usually how a premium is calculated.
Which Landlord Insurance is most suitable for me?
Well, it is pertinent you choose the best insurance that is most suitable for you.
Most landlords will consider the ones which cover the core parts such as property owners’ liability insurance, Buildings insurance or fixtures, fittings or insurance and property owners’ liability insurance.
If your property is a furnished one, then add content insurance to it. You can add such custom or default insurances of your preference too.
This establishes both the need and the certainty the Landlord Insurance brings. Particularly in the UK, it is suggested that you visit a trustable insurance company and get your properties and rentals insured.
This insurance is not a legal requirement in the UK, but it comes highly recommended, especially if you have many properties that you have rented out.
Go through the insurance clause carefully, learn what it covers, and then apply it. Do not do it in haste; take your time and learn the areas it will cover.
Each insurance has a different structure, so go for something other than the one your friend or family picked blindly, and find out which is best for you.