Do I Need Landlords Insurance - Yes You Do
Nobody said that being a landlord was easy however with landlords insurance you can at least have a chance at making things easier for yourself. As a landlord you have a whole range of responsibilities and if you are just starting out – you will be wearing a lot of different hats which can be tough.
However we all know how ultimately rewarding being a landlord can be; both financially and from the sense of wellbeing that that derive from helping your tenant have a fulfilling tenancy with you. We all know that a happy tenant is ultimately one who pays the rent on time every month without fail. By dealing with tenancy issues promptly and professionally you reduce the risk of financial loss through the tenant not paying rent there are certain risks that are still beyond your control.
Unless you have a crystal ball and can predict the future (if so please tell me the lottery numbers for the next 9 weeks) then you will still be blindsided by problems that come out of the blue and this is where those without landlords insurance flail around in a panic like a trapped wild animal; however those who have taken out buy to let insurance can just relax with minimal stress knowing that your insurance company is dealing with the issues.
Landlords insurance varies in the depth of cover and depending on which policy you take out obviously defines what you are covered for. Personally I always go for the most comprehensive policy that money will allow because it’s sods law that if you leave off the legal protection then you will suddenly be presented by a situation where you need it.
There are some policies that every landlord should take out, these might include -
- Employees Liability Insurance
- Public Liability Insurance
- Material Damage Insurance
- Motor Insurance
If you are a landlord and you haven’t got some or all of these then you might want to consider getting them pretty sharp-ish.
What you ultimately need to realise that you don’t play at being a landlord – you need to take it seriously because you are responsible for people’s homes; even if they are only temporary and without proper protection you could be leaving not just them but also yourself up the creek without a paddle.
The problems that you ultimately encounter as a landlord are common and that’s why you need to be fully covered - don’t think that you won’t experience a property being broken into or flooded or damaged because on a long enough timeline you will and when you do; you will be grateful of all the insurance that you took out.