There seems to be an ever increasing number of people entering into the buy to let market to get themselves an additional regular income. This may be someone who has just got an extra house or flat that they rent out as a way of covering their own mortgage, or it may be someone who owns a number as a way of making a living. It doesn’t matter how many properties are being used for rental purposes, it is important that the landlords associated with them make sure that they get themselves fully covered with the correct property insurance policy. Failing to do this could result in them being left with big costs further down the line as a result of someone making a claim or an incident occurring.
Finding the right cover for your situation should be something that is at the forefront of your mind as a landlord. There are policies that can be tailored for individual needs and you can get protection for a range of events. The biggest asset you will have is the actual house or flat itself, therefore it seems logical you should get building and contents cover for any damage that occurs. This can mean that you have protection in case one of your properties is flooded or gets damaged in a fire – the furniture and fittings that you own can also be protected. Without the correct cover, any damage coming about as a result of any such disasters would have to be fixed with money from your own pocket.
As a landlord you will also need to make sure that you can’t be claimed against if one of your tenants is injured in a place that you own. For this, you should get yourself liability cover added onto your policy. With this in place you will not be liable for any claims that a tenant makes against you in the event of them having an accident that is due to a fault in the building (subject to standard terms obviously!).
Taking a bit of time out to search for a policy that will meet all of our requirements will be more than worth it. It may take up your time but at the end of the day it could end up saving you a fortune in repair costs and claims. For this reason it is easy to see exactly why you shouldn’t allow yourself to neglect getting a property insurance policy. Just ask anyone that’s ever needed to claim on this type of policy and they’ll tell you it’s a must for peace of mind.
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