If you are a property investor chances are you have already heard of landlord’s insurance, or even have it in place. While it is common for owners to make sure they have building insurance, landlord’s insurance often gets ignored, or the landlord is simply unaware of how it can protect them.
What are the types of things you might want to be covered for?
One of the main things landlords might want to be protected against is damage to the property. This can be caused by the tenants, either accidentally or wilfully. Even the best of tenants can have adverse things happen to them or people they know, and that could result in damage to your property. It could even be damage caused by the tenant’s pets, or from other unforeseen circumstances.
Loss of Rent:
The other major thing you might want to be covered for is a loss of rent. This can be the case, for example, if your tenants vanish in the middle of the night, are behind on their rent, and you have no way of locating them. While this scenario is not terribly common, it happens so it is a good idea to have protection in place.
Some policies potentially cover personal injury that may result from negligence of the owner or even the property manager.
Policies can vary in what they cover you for. To find out the right type of policy for your needs, speaking with an insurance professional is a must. Landlords insurance is generally not included in your basic building insurance policy so it is important to check and make sure you have the right cover in place.
Premiums can also vary across policies, but might be more affordable than you think!
Contact us to find out more.