Whether you’re an accidental landlord or a buy to let expert, protecting your investment needs to be top of your priorities. With a flood warning recently being issued to the UK by the Met Office it is important to insure yourself against these circumstances before they arise.There are a number of suitable landlord insurance policies available on the market, however obtaining the right one for you can become quite complex. Because of this it is essential that you do your own research and pick a policy that is best suited to you and your investment. The key things to include are:
Building and/or Contents Insurance – Not only will this protect your investment in the event of total loss (fire, flood etc) but it will also protect your belongings in the property, ideal for furnished or part-furnished properties.
Legal Expenses – This will cover you in the event that you have to take your tenant to court, should incidents such as tenant default, refusal to leave or debt recovery arise.
Rental Protection – This guarantees that the rent will still be paid to you should the tenant default, refuse to pay or even when your property is empty between tenancies.
Cheap landlord insurance is within reach for many property owners if you shop around. With a standard policy available from as little as £93 a year, which covers loss of rent and from around £134 a year, landlords can include legal expenses cover. Policy wording can also differ so always make sure you read the small print and make sure you can afford the excess payments should you need to make a claim.
Therefore, regardless of what the weather may bring, you can relax, knowing that your investment is in good hands and is covered in all circumstances.