Anybody can become a landlord if they have a suitable property to rent out and willing tenants to live in it and pay the rent. While you might think of individuals or companies with huge property portfolios when you think of landlords, the truth is that many landlords are just regular people who have a second property and want to earn some extra cash with it. If you are thinking of renting a property out, then one of the most important things to do before you move your tenant in is get insurance. The right insurance cover will protect you in a lot of different instances and help you avoid paying more than you need to if something goes wrong.
Minimise the Risk
Even if you are renting out a property to somebody you know and trust, there’s still too much of a risk to rent out a home without insurance. This doesn’t mean that your friend or relative is going to ruin the property – they might do some accidental damage, for example, if they are trying to help fix something in the property or an accident happens like leaving the tap running. Or, they could have a guest over who falls and hurts themselves and sues you because it’s your property. Landlords insurance will protect you financially in these instances. Search Quotezone.co.uk to find landlords insurance quotes that suit you and your needs.
Protect Against Damages
While every landlord hopes that their tenants are going to be just as conscientious about looking after the property as they are (and many do as, after all, it is their home where they live), some landlords do not get so lucky. Extensive damages to the property can be difficult to fork out for if you do not have insurance, and the tenants’ deposit does not cover it. This might even be damage that the tenants have not caused deliberately, such as a leak that nobody noticed, or damage from damp and mould that has gone unchecked. Landlord insurance will help you make sure that you’re not footing the entire bill if something goes wrong.
Protect Against Theft
If you are renting out a property that is furnished, then landlord insurance is an essential to protect against theft. Most tenants are good tenants and know that they do not own the furniture and any other goods you have left for them, but sadly, some tenants might seem trustworthy only to completely empty your property when they leave. Having to replace all the furniture, electronics and other items in a furnished rental property can be a nightmare, but the right landlord insurance will cover your costs to help you get it ready to rent once again.
Protect Against Income Loss
It’s important to make sure that you are protected if you are unable to rent out the property for any reason – especially if you are paying the mortgage on it. Whether there are damages that you need to fix before you can move somebody in or you are dealing with problem tenants who aren’t paying their rent, landlord insurance will pay out to ensure that you can continue to pay your expenses. Whether you’re buying a house to rent out or have a second property you want to make some money from, landlord insurance is a crucial service to get.
