When renting out your property, it’s important that you fully understand the rules, regulations, laws and other aspects of the letting process. One of the things we get asked about on a regular basis is in regards to insurance and the obligations you have as a landlord.
In brief, there is no legal obligation for you, the landlord, to have any kind of insurance when letting your property. However, some mortgage lenders require you to pay for insurance in order to receive a mortgage.
Here are a few insurance options that are available to you when letting out your property so that you are protected.
Your rental property is an important asset to you. Being covered for any major damage or risks to the condition of the property is going to give you great peace of mind.
Buildings insurance can protect you for things like fire, floods and countless other potential hazards that can occur at your property.
The idea of purchasing landlords building insurance is to safeguard your investment, to insure that you are never at risk of any major financial loss.
Your contents insurance will cover the things in your property that make it into a home. You would be surprised how much your furniture, appliances and other miscellaneous items cost.
Insurance for the contents of your investment property will provide you with extra peace of mind when it comes to potential damage that may occur so that you don’t have to fork out unforeseen sums of money to replace damaged, faulty or stolen goods.
Landlords face a unique set of risks every day and some of those risks are potentially very expensive. If your property causes injury or damage to a tenant or visitor, you’re likely to be liable.
However well prepared you are, accidents do happen and a single compensation claim can be financially crippling. Public liability insurance for landlords - also known as landlord liability insurance or property owners’ liability insurance - can help make sure you’re protected, leaving you free to get on with day-to-day issues.
We hope you have found this article insightful when it comes to insurance options for your investment property, when the time comes to let it out.