Proper Landlord Insurance
If you are already a landlord or are thinking about entering the business of becoming a landlord then you need to have the proper insurance and make certain that you are covered for every possible outcome and event. For example, if you are letting out a property to a group of students then it is almost inevitable that some damages will occur to the property – these may be entirely superficial and small but damages nonetheless. If you have the proper insurance cover then you won’t be liable for any charges to get these damages fixed or to replace any of the items that are perhaps beyond repair. Content and building insurance (like the one offered by Just Landlords) makes sure that you are covered to the tune of £5000 for the likes of white goods and carpets, seats etc…
Furthermore, it is also worth insuring yourself in the case of the failure of rent payments. It is a sad fact that some tenants will not pay their rent on time and some will even leave the property while owing you weeks and even months worth of rent. By getting the proper insurance you will be able to claim back the money owed to you for rent failure and you also stand a chance of claiming some of the money for the legal expenses of bringing the culprits to court or even evicting them from the property.
You wouldn’t drive a vehicle without being properly insured, would you? So why would you not be fully covered when it comes to allowing complete strangers to live in a property you own? Insurance is there to cover the unexpected and every eventuality; you make think that nothing untoward will happen to your properties however is it really worth the risk of not being insured?
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