If you are a property owner and rent any of your properties out to tenants then you should consider getting landlords insurance cover. This is of crucial importance as it covers you for losses caused by damage to your property through the tenants.
This kind of insurance can be quite broad reaching. It can cover the building itself from incidents such as fire, terrorism, bombing, theft, decay and various other things that can cause serious damage to the building. It may also cover any property that the landlord has inside the building. Although some landlords believe they have the best tenants and have a lot of trust in their tenants, it is not always easy to predict what may happen. That is why landlords insurance cover is so important. If your tenants do something wrong, you can protect your property and thus your business just by paying for some insurance.
As with all other types of insurance there are varying degrees of comprehensiveness. There is the cheapest form of insurance, which is the most basic and only provides for the most basic of incidents and damage. There is also the possibility to add your own, additional terms to the policy. These new terms can range from anything such as accidental damage, alternative accommodation costs through to rent guarantee insurance. Of course, these don’t come free and there is a requirement to pay a little extra on top, but it will provide a much more comprehensive cover to your property and protect you in all instances.
The most important thing to remember is that your rental properties are your business. So for example, if you choose not to get landlord insurance cover and one of your homes were to suffer accidental fire damage. If you did not have insurance cover then you would have a fire damaged home which would be uninhabitable by your tenants, meaning you would receive no rent until you had paid for the house to be repaired. Obviously this could cost a significant amount and damage your income.
As such, it is clear that landlord cover insurance is certainly worth considering.