Being a landlord can be profitable, but it can also be a very stressful role. There are a lot of risks and responsibilities attached to being a landlord, and without sufficient protection this could see you seriously out of pocket. Any entrepreneur or new landlord should be aware that landlords insurance is an absolute necessity, and with the right cover it could give you complete peace of mind. This insurance gets rid of the stress and complications of being a landlord, and if anything were to happen then you would be fully protected.
What is Covered with Landlords Insurance
So, what does landlords insurance typically cover? As with any kind of property, there is always the risk of flooding, a storm or fire. You can get the protection that you need if any of these were to occur, with buildings insurance in the range of £75,000 to 2 million with the best insurance companies. If something were to happen to your property then you will also receive alternative accommodation insurance, where the insurance company will pay for your tenants to stay at an alternative place until the property has returned to a liveable condition.
In addition to this, you will generally also receive cover against any accidental damages that your tenants cause, which can be one of the major concerns that landlords have regarding their property. There is then contents insurance, liability insurance if someone were to injure themselves on your property and loss of rent insurance if your property becomes empty for repairs after damage has occurred.
Finding Comprehensive, Affordable Cover
As you can see, landlords insurance can be comprehensive and offers protection against a variety of concerns. Unfortunately these are common occurrences that landlords face, as accidents can and do happen in properties. In order to protect your investment it is important that you seek cover from trusted insurance companies. This will include insurers such as, Simple Landlords Insurance and a few others. With these companies you can receive comprehensive cover and at affordable prices too. In addition to this, many of these insurers also offer an online service where you can easily access, download and change your policy whenever you like.
The Right Cover is Important
Life as a landlord can be stressful and you will always have concerns about your investment. This concern can be reduced massively with the right level of cover, as if anything were to occur then you will be fully protected and at an affordable cost with the right company. This cover will include damage that occurs to the property through a natural disaster or through damage inflicted by tenants. This makes landlords insurance not just worthwhile but a necessity, so for any entrepreneur or new landlord looking to protect themselves and their investment, make sure that you find a sufficient level of landlords insurance.
If you are a landlord let us know what type of insurance plan you have and how it has worked out for you.