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Having the right landlords insurance is absolutely crucial and you cannot get by without it being in place.
The property rental market is booming and the only mortgage sector that is actually growing is the buy to let mortgages, which have seen a 10 fold increase in the market. What this means is we have more landlords out there, many of which are new to the property rental game and it can be a bit of a minefield when you are becoming a landlord for the first time. It doesn’t matter if you have one property or a portfolio of properties the one thing you will need is insurance for landlords. This insurance is also known as buy-to-let insurance.
There are certain things you want to cover yourself for if you’re a landlord, as normal home insurance won’t give you the range of protection you need. Insurance for landlords at its most basic level is simply buildings and contents cover. You may want to consider adding liability insurance; this will cover you if one of your tenants suffered through negligence on your part. Definitely one thing you need to seriously consider is protecting your rental income and this is where your insurance for landlords starts to differ significantly from normal home insurance.
If your property is damaged by fire and a tenant has to move out whilst repairs and redecoration take place then you are losing a lot of rental income. You can protect against that with rental income protection insurance. There is also rent guarantee cover for situations when tenants refuse to pay their rent for whatever reason. One further level of cover is legal cover for instances when you feel you need to take a tenant to court, and when you see some of the tenant horror stories it may make you consider the legal cover! You really do need to assess your needs with landlords insurance and have a very clear idea of what you do and don’t need to cover, getting the wrong level of cover could leave you seriously out of pocket and you need to avoid that.
As a landlord you will know that there are so many areas for concern that the more you have covered the better as it alleviates problems before they occur. As with any insurance the best deals have to be looked for and you really do need to do a lot of comparisons to find the perfect cover for your situation. Don’t jump into the first apparent good deal you see as you do need to dig a little deeper into this type of cover as it’s so specialised.
Importance Of Comparison
There are lots of tenant’s rights and often the landlord is seen as having no rights but this isn’t the case and as a landlord you need to be very familiar with your rights to avoid problems. There’s lots of advice available to keep you on the right track and to help you be a good landlord, a good basic starting point is on the Direct Gov website. Being a landlord is seen by some as easy money, but that really isn’t the case and you need all the help and advice you can get, if you add to that the right amount of insurance then the job is so much easier and less of a minefield.
Guide To Renting Out Your Home