In the UK, there is no legal requirement to have landlord’s insurance. However, there are plenty of reasons why you should consider getting covered.
There are so many things that can go wrong when you leave tenants to look after your property. That is why it is essential that you have the correct cover. Otherwise, you could be left seriously out of pocket.
To find out more, have a read of this.
Accidents can happen
Accidents can easily happen, and it pays to be prepared for them. Perhaps your tenants will spill red wine all over your brand new carpets. Or, perhaps they will accidently overflow the bath and flood the house. Maybe a straightening iron will be accidently left on, and the whole property will burn down.
Pretty much anything could happen, that is why it is essential that you have UK Landlord Insurance.com cover to deal with it.
Thieves could break in
What if thieves find a way to break in? A door could be left unlocked, or a window may not be shut properly and thieves could easily find a way into your property. Stealing your belongings and trashing the place.
Do you want to have to pay out for all new furniture and electronic equipment? Can you afford to fix up your property if burglars trash it? If your wallet just won’t stretch that far, then it is crucial that you invest in proper landlord’s insurance. So that you are completely covered.
Your tenants could be unable to pay their rent
Evicting a tenant who fails to pay rent is a long process, and one that can take months. And, it can be a somewhat pricey process.
If the worst should happen and a tenant fails to pay rent, could you afford to wait for months, to get your income back? If not, then it is vital that you take out insurance cover that will cover the cost of any outstanding tenant debt.
Extensive repairs may need to be made
If a water pipe should burst and there is extensive damage to your property, could you afford the call out fees for an emergency plumber? If not, then it is a good idea to add extra cover onto your landlord’s insurance to cover it.
If you choose the right insurance cover, the cost of calling out a repairman, the labour charges and materials will all be covered.
Don’t be fooled into thinking that regular home insurance will cover you. Did you know that if you fail to tell your insurance company that you rent out your property, they can (and often do) refuse to pay out for any claim. As a landlord, you need specialist landlord insurance.
Although all this cover may sound rather pricey, most of the cover offered is reasonably priced. Instead of getting various different policies to cover everything you need. Find an insurance company that offers bundles that include the main types of insurance that you need.
From fire and theft to flood and furniture damage, as a landlord you need to ensure that you are adequately covered.