If you are a landlord who has a portfolio of property, be it 2 or 200, and you rent out your houses and flats to tenants, the one essential item you simply can’t afford to do without is landlords insurance. Many landlords underestimate just how important having this kind of insurance really is, and unfortunately there are also many who find out too late. The following are just a few of the numerous reasons why everyone who rents out property should have landlords insurance.
The first reason why insurance is so important is in area of accidental damage, such as flooding, fire etc. It is worthwhile making sure that you are also covered for arson, and while this is sometimes an add on that has to be appended to a basic policy, it is well worth considering as while you may feel as if you have vetted your tenants thoroughly, you have no control over who they associate with, and many arson attacks are part of a vendetta against those who live in that property.
If a property of yours does fall foul to a fire, flood or arson attack and you don’t have landlords insurance, you are either waving your investment goodbye or will be forced to pay for the repairs etc out of your own pocket. Fire and flood can cause damage that can easily run into several thousands of pounds, so unless you have that kind of money just lying around, you need to make sure that you have a good policy in place to cover the worst possible scenarios.
Natural disasters, sometimes classed as acts of god in insurance policies, are another thing that is certainly worth covering yourself against. This can sometimes be problematic or expensive if you live in an area that is known to be susceptible to floods so do your research thoroughly before taking out the policy. Winter storm damage is another area that needs to be addressed, as sudden harsh weather conditions can wreak havoc on the exterior of a property and cost a fortune to put right and make safe again.
As mentioned previously, you may think that you have found the ideal tenants, but you have no idea what their family or friends are like. Having a tenant wreck a house before they move out is every landlord’s nightmare, and with an increasing amount of tenants doing ‘moonlight flits’ for whatever reason, you could find your property a complete wreck when you enter it. This is just another reason why you should have comprehensive landlords insurance in place.
So know you know that you need landlords insurance, it’s a case of finding the best one for you. For all buy to let landlords to find the cheapest insurance click here for online quotes from all leading insurers. This should be your only port of call to ensure you find the right policy at the right price to give you the peace of mind that you are covered for every possible eventuality.