If your tenants unintentionally damage your property, sadly, they will probably not usually be willing to pay for repairs and your holding deposit may prove to be inadequate in terms of covering the costs. This equally applies to fixtures and fittings that could be stolen or damaged and if you have furnishings and contents, then your risks are even higher. In such situations you may find that courts and tribunals may well incline towards the rental tenants. 

This is an area that is often overlooked when landlords (or tenants) decide to let or rent a property. The risks associated with let properties are significantly different to owner occupied properties therefore you are well advised to use an insurer who specialises in this type of property insurance. An existing, standard, buildings or contents insurance policy on a property owner occupied may not cover the property or contents when it is let, may restrict the cover and or increase the premium. .

Landlords Insurance.

Landlords insurance is essential for anyone who is thinking of renting out their property.

As a landlord, you are effectively using your property as an extra source of income – and this needs to be protected. A normal home insurance policy is not valid when you are taking an income from the property. A residential landlord policy is what is required.

While landlord insurance is not a legal requirement, it will provide you with the peace of mind that comes from knowing that should disaster strike you are protected against financial consequences.

Then you have those people that may see your rental property as a potential for exploitation. The tenant (or tenant’s visitor) that slips down the stairs can all too easily attribute this to a ‘loose board’ or ‘poor maintenance’ and you could be facing a large claim. Equally taps can be left on, and basins and baths can overflow and this will be called ‘a leak’.  You probably understand! 

The moral of the story is making sure you have good landlord insurance that covers you for all the potential risks of letting out your property.

Owner Landlords