what insurance do landlords need?

WHAT INSURANCE DO LANDLORDS NEED?

WHAT INSURANCE DO LANDLORDS NEED?

There are a much wider selection of landlord insurance policies in place now then there used to be; however not all are essential requirements. Insurance such as BTL Building Insurance are considered a must for all landlords however, some other policies are considered add-ons to give you the extra protection you require. The different insurance policies landlords decide to take out on their properties pretty much comes down to one or both of these things how much protection the landlord wants and what the landlord can afford.

BTL Building Insurance

It makes no sense for a landlordnotto take out BTL Building Insurance. For an overly inexpensive fee, BTL building insurance protects your property from any potential damage such as fire, natural disaster, vandalism etc. Although this policy isnt considered a legal requirement it would be foolish not to invest. If your property does have any structural damage and you dont take out a BTL building insurance policy you stand to loose everything.

Contents Insurance

Contents insurance is typically taken out by those landlords that provide a furnished let or, perhaps those that have white goods included in the property such as an oven, fridge etc. It would benefit the landlord to take out contents insurance in this case to reassure themthatthey can be compensatedin result of any damage caused by tenants or other accidents; however, this policy is not an essential or legal requirement.

If a landlord lets an unfurnished property, it is the responsibility of the tenant to insure their own belongings.

Rent Guarantee Insurance

Rent guarantee insurance is completely optional. If a landlord desires rent guarantee insurance, it is likely that they need to take out a separate insurance policy from your building insurer because this cover is not provided by all agencies. Rent guarantee insurance has nothing to do with the landlords property or its content; it specifically concentrates on rent owed by a landlords tenant. If you take out this policy, it will basically allow you to receive either the full-payment or a percentage of the payment if your tenant doesnt pay their rent.

Public Liability Insurance

Public Liability Insurance generally comes with most other insurance policies, however, its an important policy to have so make sure you have it.

Public Liability Insurance provides you with the cover you may potentially need if any of your tenants are involved in an accident within your property. This could be incidents such as the tenant falling down the stairs or getting an electric shock off a plug socket.

You dont want to be left in a position where your forced to take responsibility for something that genuinely wasnt your fault. So, be sensible and be protected.

Landlord Maintenance & Emergency Insurance

Landlord Maintenance and Emergency Insurance is one of the newest policies for landlords and its becoming more and more popular. This policy generally covers any potential gas or electrical breakdowns that you may have if youre already under a Building BTL insurance policy. For very little cost, your insurance provider will attend to any issues you have regarding electrics or gas within 24 hours. This will help you get problems fixed quickly, efficiently and reduce the risk of conflict between you and your tenants.

so, to conclude youneedinsurance.

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what insurance do landlords need?

Real Estate