Getting A Solid Landlord Insurance Policy

Posted by admin

January 22, 2012

If you are thinking of renting out some of the properties that you own then it is important that you are set up with a solid and legally sound insurance policy to cover, not just yourself and the premises which you are hoping to rent out, but also the tenants who will be staying in them.

For example, a good contents insurance policy is a must. For sure, the prospect of being broken into and having your property vandalised or your tenants having some of their possessions stolen is a relatively remote one even in this day and ago however this doesn’t take away from the fact that it is a necessary thing to have and if you are not properly protected with this kind of insurance then you will pay the price both in a legal sense and in terms of your reputation as a landlord. Who wants to rent from a company or a person that does not properly protect their tenants who are paying them good money to rent.

The second important clause you need to have is one that protects the building itself. While it is unlikely that anything major will go wrong it is best not to chance your luck and this clause can also be used to cover things such as costly repairs and issues with structural damage however remote the chances may be. If you go through places like Just Landlords then you will often see what is known as a rent guarantee clause. This is something to personally protect you, as the landlord, in the rare event that a tenant simply refuses to pay rent for a certain period of time; with this policy you can recoup the money lost and not suffer any major financial loss as a result of their actions.

Insurance