If you are getting ready to let out your property for the first time then landlord property insurance is something you are going to be keen to get arranged.
By getting this cover on your property you will be making sure that you are protected in the event of damage to the house you are letting out. However, you may also wonder what you need to do as well as sort out landlord property insurance.
Check Out the Tenant
For a relatively small fee you can carry out a background check on the person you are planning to rent the property to. This isn’t going to give you a cast iron guarantee that you won’t have any problems with them, but if it comes back clean then you will probably be a bit more comfortable with the idea of having them as your tenant.
Secure the Property
If you are letting out different parts of the house to different tenants then you will want to make sure that each area is secure and can be locked off. This is even more important if you are staying there as well, and failure to do this can lead to real problems.
Consider the Fittings
Accidental damage and vandalism can be covered in your landlord property insurance policy but you need to consider the wear and tear which tenants can produce in a property. This is something which is generally excluded from insurance policies and you might like to think about fitting relatively inexpensive items. Of course, it depends upon the type of tenant you are looking to attract but expensive fittings can often prove to be money wasted.
Get the Price Right
If you are going to find a tenant yourself then you should take time to see what rental prices are in the area. You might need to go in to a few houses in order to fully assess them but it will be worth it if you can get the price just right.
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