If you’re a landlord, it’s important to do things by the book. Though it might cost you a little extra every month, getting the right insurance for your buy-to-let property will help to protect your investment and protect the rights of your tenants in case of an emergency. If you’re yet to invest in Landlords’ Cover and aren’t sure you want the extra expense of a policy, here are five very persuasive reasons why the specialist insurance is an absolute must.
1. Protecting Your Investment
Whether you just have one rental property or you’re a professional landlord, your buy-to-let portfolio is likely to be an important part of your financial set-up. Landlords’ Cover helps to protect this investment in case of fire, flood, vacancy or disaster. We agree with Just Landlords when they say: “It’s far better to pay a small amount to have peace of mind that your building is insured against calamities like fire, flood, theft, and damage, than to take the risk without insurance and face large payouts if the unfortunate happens.”
2. Protecting Your Liability
If someone falls over and breaks their leg on the drive of your buy-to-let property, or if a tile falls off the roof and hits a passerby, you could be liable for a big pay out. If you don’t have Landlords’ Cover, this money will have to come out of your own pocket. If you have invested in adequate insurance on the other hand, your provider will make the payment, leaving you free to continue your rental business without any unnecessary financial burdens.
3. Protecting Your Income
Depending on the type of Landlords’ Cover you get, your income will be protected in cases where your tenant fails to pay their rent. The period covered will vary from policy to policy, but you’ll often be able to claim for up to six months of unpaid rent.
4. Malicious Damage Cover
If you rent your buy-to-let property furnished or even part-furnished then making sure that your items are protected should your tenants cause any damage is also important. Replacing items like carpets, furniture or white goods can be costly and can be covered with good quality cover.
5. Cover Legal Expenses
If your tenant takes you to court, or you have to take them to court, your Landlord’s’ Cover could pay your legal expenses. Check with your provider to see if legal expenses are covered by your policy, if they’re not, it could be worth adding them to your cover, just in case.
Helping to protect your income and your investment, Landlord’s Cover is an essential part of running a modern buy-to-let business. To find out more about becoming a landlord, or for information on buy-to-let mortgages, explore our site today.
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Written by: Andrew Page