Let's have a look at residential landlord insurance and why a landlord would need a policy for residential tenants and their property.
If you want a great residential landlord insurance policy, you can find one here by comparing the whole market the smart way with our free service here. It works like.
Look, landlords need insurance to protect the properties they own ( we all know that) but why should you need such a policy and the experience of a policy?
Let's have a look below.
There are many aspects of a landlords insurance policy, including buildings insurance and the contents of the property insurance for things like sofas, kitchen appliance and to cover the cost of repair if you happen to come across a bad tenant.
If you've been in the letting game for a while you surely will bump into a tenant that gives you a bit of hassle if you haven't already.
The kind of hassle they could give you could include the following:
If you do come across a tenant who doesn't pay the rent for a while you can cover your buy-to-let mortgages payments if you take out a rent guarantee insurance policy.
This policy will pay your rent so your mortgage company are happy and so you don't fall into arrears.
Next on the list...
To cover criminal damages it would be better to take out a comprehensive policy to include contents and buildings insurance together.
Let's have a look at what else the policy can cover...
The full protection would cover any losses due to a fire caused accidentally by your tenant or flooding if you live in a high-risk flood area.
The policy will pay the full cost to rebuild your property if the building is becoming a total ruin. The policy will also pay for all tentative accommodating for your tenant until all the works completed.
What else can the policy cover, let's see?
Some policies will cover the cost if your rented property has a nice garden and someone decides to ruin it. It will pay for all re-slabbing and all other groundwork.
And then there's...
If your choose Landlord Emergency Repairs cover, then the policy will do just that. The insurance company will arrange for all work from start to finish.
If you happen to StumbleUpon a broken window or lost keys, the policy will pay for a glazier or a locksmith to make the property lock fast and secure again for your tenant's safety.
And there you go, a residential landlord insurance policy explained all in one go. We really hope this helped you understand that a residential policy can do for you.
If you want to find a residential landlord insurance policy for a great price with a fantastic company then you can use our free comparison services to do just that.
We compare the whole market for you and as you'll see, that's all we do here for landlords in the UK.
Give it a go, it's free to use. Click here.
Or you can find out more about renting to private tenants from the .Gov website here.