If you are considering renting out your property then you need cheap landlords insurance without compromising on cover. The correct cover will protect your rental property against damage and loss. More people than ever are turning to the rental market to make an income from their assets.
Rise in Unplanned Lettings
Figures from the Association of Residential Lettings Agents (ARLA) show that during 2011 a significant rise was seen in the area of ‘unplanned’ lettings.
Unstable marketplaces have forced many homeowners to put their properties on the rental market because they cannot sell.
This can be a productive way to generate a consistent income from homes.
More and more people are finding it difficult to afford to buy their own homes. This means there is a high demand in the lettings market and this is keeping prices steady.
If you are thinking of becoming a landlord then you will be taking on many new responsibilities. Renting out a property is in essence like running a new business. You will need to ensure you are complying with the relevant legislation and providing a good service to your tenants.
- Landlords insurance is a must-have financial product. This will provide you with financial cover against a number of risks that could affect your rental business.
- Cheap landlords insurance is available and the benefits of this type of cover can far outweigh any costs.
- With landlords insurance you can still be protected against key risks such as flood and fire damage. This means if your rental property were to be damaged in this way, your policy would help to cover all or part of the costs of repair and rebuild. This will help ensure you can get your rental business up and running again as quickly as possible.
- A comprehensive landlords insurance policy can also give you the option to protect you against the loss of income if you are unable to rent out your property during repairs as a result of a claim. This would ensure you still generate an income even when your property is off the market for a short time if this cover is added to your policy.
Quality landlords insurance is an essential product for new landlords. You can receive a no obligations quote now from The Insurance Octopus. Get in touch today!