Take Out A Buy to Let Insurance Policy, If You’re a Landlord

Being a landlord can be a financially rewarding business, you buy properties and rent them out, this rent usually covers the bond, or if you have bought cash you can reap in the profits. Any landlord should have buy to let insurance; this not only covers your assets but can give you peace of mind as well.

A property is an expensive asset and entrusting it to someone else is a risky business. While you have tenants in your property, you are still responsible for the building itself and that is why having the right cover can ease the financial burden you may experience should there be a fire or a serious leak.

This type of cover is specially designed for landlords like you; it covers your property against fire, flood, leaks or glass damage. The cost of repairing fire or flood damage can be a big financial strain on anyone. It also means your tenant doesn’t have a home and it can cost you thousands in repairs.

There are various benefits you can add to your cover to ensure that you are never caught unaware. These additional benefits can help you financially should something go wrong.

A fire or serious leak can leave the property uninhabitable and can result in you losing months’ worth of valuable rental while repairs are being carried out. Unpaid rent cover can protect you for up to twelve months should an accident occur, so you can still pay your bond while fixing up the property.

Other additional benefits you can add to your cover include legal expenses and squatter eviction. Legal expenses can result if there is a dispute between you and your tenant, having all your legal expenses covered means you have no reason to be out of pocket. Squatter rights have made it very difficult for landlords, if squatters move into your property it is almost impossible to evict them. Gone are the days you could just kick them out, now it involves legal notices and legal costs, you can get protection for this under your policy.

As with anything you own having liability insurance is key, you never know what can happen and being protected against claims against you should your tenant get seriously injured due to a wall collapsing or the roof falling down; you are completely protected for their medical expenses and loss of earnings.

Lastly you can take added protection against any malicious damage which may be caused to your property or its contents by your tenants. Everyone knows when tenants leave a property, especially if they do a runner the property can be left in a terrible state, protect yourself against all these unexpected events with a good buy to let insurance policy.

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