When you need landlord insurance with pet damage cover you may need a little help with that because you need to find the right insurance company.
Find out what else you may want to consider in this article.
Landlord insurance is not mandatory for anyone who wishes to rent their property. But you may want a policy for tenants with pets, but finding the right insurance can be a little confusing at first.
Learn all about tenants with a dog, a cat or a reptile and any other pet.
You can just reach out to an insurance company and they’ll gladly walk you through the right solution for your particular needs. But for anyone who’s just doing preliminary research and looking for general information regarding this topic, we have prepared this useful article.
So you know what you need, follow the sections and quickly learn about the most common landlord insurance types.
Additionally to your buildings insurance, you'll need to consider taking out a contents insurance to cover for accidental pet damage by your tenants' pets. (applicable to a single property).
This is the basic landlord insurance type, which is typically compulsory (especially if you’re dealing with a loan or mortgage provider).
This insurance is valid for a single property and covers a number of risks, from routine minor repair costs to the eventual unlikely utter destruction of your building.
Under this insurance policy, your investment will be protected in case of fire, theft, water and lightning damage, burst pipes, impact damage, the destruction caused by civil commotions, and it will even cover liabilities that you happen to incur as the property owner.
For landlords who own multiple buildings, this is typically the best available option.
Portfolio insurance is very much like buildings insurance, except it covers up to five properties under a single policy.
Not only is it more practical since there is less paperwork involved and a single premium and renewal date to keep in mind, but it’s also usually more cost-effective since most insurance companies will be able to offer you enticing discounts when you request portfolio insurance.
By adding this coverage to your landlord insurance with pet damage cover policy, your tenants and property will get an additional layer of protection in case there’s a problem with essential services.
Sometimes your tenant could have trouble keeping up with the rent, and it will be as much of a problem as you are dependent on this revenue stream.
In order to anticipate such issues, you may request rent guarantee insurance, which will also help you in case you require legal support related to disputes, evictions, and rent arrears.
Do you know 46% of the rental market in Britain are pet owners?
Landlords where very reluctant renting their properties to pet lovers, because there was no insurance covers for pet damage until May 2013. Landlords were knocking back tenants with pets, all over the country.