There are many regulations governing rental properties so it is important you are fully informed. If you are a new landlord, it’s important to understand that you are, in effect, setting up a business when you decide to rent out your property or properties.
This means you need to approach the whole prospect in a business-like manner, including investigating appropriate types of insurance to protect your assets. If you’re thinking about renting out a property, or are already doing so, then it may be time to look in to comprehensive landlords insurance and make certain you have the right cover in place.
Although there is currently no legal requirement for you to have landlords insurance it is highly recommended. Your property is a valuable asset and you will need to protect it financially against risks such as damage and loss of income. Renting out a property comes with it’s own unique risks that aren’t always covered by general homeowners insurance.
Very few people could afford to rebuild a property out of their own pockets, and this always the type of risk that you could face as a property owner.
If your property was seriously damaged by easily insurable risks such as flooding or fire, then without landlords insurance you would have to pay for any repairs or rebuilds. This could cost hundreds of thousands of pounds which many couldn’t afford. It’s the kind of cover that a landlords insurance policy can provide.
Getting the right over
If you are not sure what you need, The Insurance Octopus consultants can provide you with the information and options available to meet your requirements.
As well as protecting you against damage, landlords insurance can also protect your income. This means if you are unable to rent out your property as a result of a claim then you would not be out of pocket, providing this is included in your policy. This is important if you are relying on the profits from your rental properties to supplement your main income.
If you are thinking about becoming one of the new growing numbers of landlords then you need to think about protecting yourself with specialist landlords insurance as soon as possible.
Contact The Insurance Octopus today to get a free no obligation quote.