Why Do I need Landlords Rental Property Insurance?

If you’re considering a Landlord Rental Property insurance policy, no doubt you’ve considered the worst happening to one of your properties. A result of thinking of the worst is that you’ve also likely imagined a disaster happening, and spending all of your time on the telephone to a call centre. This doesn’t have to be how it goes. There are a number of insurance brokers in Manchester which can provide the security you need while being approachable, personable, and more than willing to meet face-to-face should something happen- or even if everything’s fine, and you just have any questions about your policy.

But what exactly is a Landlord Rental Property Insurance Policy, and why do you need one? A Landlord Rental Property policy can include a multitude of useful things, such as buildings insurance, accidental damage cover, not to mention financial protection against loss of rent – so if the worst happens, you’re not scrambling to make sure that your mortgage provider is shortchanged through something that isn’t your fault.

Presently, there is no legal obligation for a Landlord to take out any form of insurance, though a landlord may find that they are required to do so by their mortgage lender. This is for a number of reasons. If your property suffers a flood or fire, buildings insurance will cover the cost of rebuilding. A good insurance broker will assist you in finding out the rebuild cost of your property.

Likewise, Liability insurance is a requirement if you offer student or social housing. In the event of accident or death on your property, Liability Insurance can be absolutely invaluable by covering you against tenants that may attempt to sue you. Loss of rent insurance is also a rather large boon to have – even if it’s not your fault, in the event of your property becoming uninhabitable, any rent you miss out on can be protected by insurance. This is vital if you’re under a large mortgage and are relying upon rent to meet monthly repayments. Should the worst happen, this insurance could save you the agony of losing your property altogether.

You might feel a little dismayed at the prospects of letting property after reading this article, but most of these policies can be combined into a single Landlord Rental Property Insurance Policy, from a good provider. What should be remembered is that it’s most important to safeguard your financial future with a good policy.