Do I Need Landlord Insurance? What You Need to Know!
Landlord insurance is not mandatory. However, as with any kind of insurance, it is highly recommended. If you plan on taking tenants into a property that you own, anything is possible -from breakages to theft to acts of god – and it is never a bad idea to ensure that you are safeguarded against such things. You should also note that it is exceptionally difficult to find a mortgage lender that will pay out if your rental property is not insured. The team at Rigby Financial constantly navigates their way through the confusing world of Landlord Insurance, so take a look below to see what they have to say about this most vital and complex part of letting out your property for the first time.
Really, the practical question is less about whether or not you require Landlord Insurance and more about what kind you would require if you were to invest in it. A plethora of issues can be covered, reflecting the huge array of matters that may arise when managing rental accommodation. It’s important that you are able to make yourself aware of exactly what kind of insurance you might need, and where is best to go for further advice and guidance.
Firstly, are you a commercial outfit or more of a buy-to-let? It is vital that your insurers are aware of the type of arrangement you have. After this, it’s a question of what you wish to cover, whether that be the buildings themselves or their contents (this can be particularly useful if your properties come furnished, for example). You can also opt in for property owners’ liability insurance, in case a tenant becomes injured within your property. Loss of rent can also be covered, as well as rent guarantee cover, cover for legal expenses, fire and special perils cover and even subsidence insurance. In short, almost any conceivable disaster that might befall your property or its residents can be covered using the wide array of options out there.
Once you know what kind of insurance you’d prefer, the rest is wonderfully straightforward. Any small-print is completely dependent on the insurers you choose, so be sure to do your research and arrange consultations with as many firms as possible to make sure you’re getting the best deal. Landlord Insurance is definitely worth your while, and may just save you a fortune in the long run!
If you are interested in discussing further details of Landlords Insurance, or if you are unsure of the type you might need, please get in touch with our specialist advisors at Rigby Financial today on 01744886077 and discover exactly what kind of Landlord Insurance will suit you best.Our friendly team of experienced insurance brokers and financial specialists will be more than happy to help you and to ensure that you receive the best possible advice, along with superb value for money, whatever your decision.