Landlord Insurance: Is It Essential?Written By PropertyLoop March 03, 2021
If you’re a landlord advertising your property via an online property agent, there’s little doubt that your investment is something to be protected at all costs. Thankfully, there is an easy way around this which will ensure safeguards against a plethora of mishaps. And that is by obtaining landlord insurance. It is used to cover a variety of contexts regarding your property, often including the same type of cover you’d find in regular house insurance. But as a landlord, it’s vital that you obtain extra cover for events such as:
- Missing or not paying the rent
- Damage caused to your property by the tenants
- Rehousing costs or loss of earnings should your tenants move out
- Accident liability for injuries caused within the property
At present, there exists no legal obligation to obtain landlord insurance for your property. However, if the property in question has a buy-to-let mortgage, it may be specified in the agreement that you have to take out landlord insurance.
A quick, cursory search will reveal many insurance packages tailored to landlords. Many of the facets and eventualities covers – such as loss of rent or accommodation costs are not covered with standard building and contents insurance. Plus, if you own several properties, you’ll also be able to find cheaper cover for them with ease after a short time on your favoured search engine.
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