Opting to rent your property to tenants is a fantastic source of income and a great strategy at paying off your mortgage. Albeit it does come with it's perks, being a landlord does also involve a headache, or two, even a few! Being a landlord puts you at risk, it's important that those risks are covered by a sound landlord insurance policy. Let's run through 3 reasons why opting for a landlord insurance policy is a no brainer. 1 - The stuff of nightmares.
Fire, explosion and smoke
Lightning and thunderbolt
Theft or attempted theft
Civil commotion and malicious damage
Escape of oil or water
Storm or flood
Impact by aircraft, vehicles or animals
Having a landlord insurance policy will protect you from events such as above. These things happen, it's always best to stay protected. 2 - Rent Guarantees.
A rent guarantee insurance policy provides cover for loss of rent up to a maximum period of twelve months if the buildings suffer an insurable loss or damage and are uninhabitable as a result.
You will also be covered in the event of non-payment of rent which is due to you if your tenant leaves your building before the end of the tenancy period without giving you or your agent notice and/or your tenant stops paying rent owed to you. 3 - Miscellaneous Cover.
Accidental breakage of fixed glass, mirrors and sanitary fixtures
Insurance for underground services
Insurance for replacing documents
The cost to trace and access the source of a leak
Loss of metered water
Insurance for locks and keys
Cover for contents in the open
Cover for the cost to replenish fire fighting appliances following a fire
Having a smart policy which assists you in matters such as the above is of course beneficial. If you're considering renting your property, speak to us to find out how to best equip yourself before venturing off in the rental real-estate market.