As an investor, property is one of the biggest financial investments you’ll make. But it goes much more beyond investing, it’s more important to protect your investment. And this is why you need to consider getting Landlord Insurance, because it helps protect your investment properly when you rent your house to tenants.
Before we tell you all the glorious reasons for getting a Landlord Insurance, let us tell you what Landlord Insurance is!
Landlord Insurance is an insurance policy that covers property owners and investors from financial losses connected with their rental properties. It is a type of insurance policy specifically designed to protect those who own investment properties from the risks that come with renting it out. It generally covers events that cause a loss of rental income, theft or damage to your property.
Not convinced if it’s worth it? Read on as we dive deep into all the benefits of LandLord Insurance!
- When The Tenants’ Circumstances Change –
Even if you’ve done your due diligence and picked the best tenant, you’re still prone to hitches. It’s possible your tenant’s circumstances can change and that can affect them financially, personally or how they look after the place.
- In The Event of an Accident –
The next thing Landlord’s Insurance will cover for you are unexpected natural disasters or accidents in the home. Breaking or leaking water pipes, and area fires and floods can and do happen unexpectedly. And a solid Landlord Insurance will have your back! It will give you peace of mind knowing you can continue to cover your mortgage while you’re going through the stress of any damage to your property. Your insurance will be your safety net in such situations!
- If Your Tenant Has Pets –
A tenant’s pets can be another adorable yet big issue for landlords. Pets can cause damage to floors, rugs, gardens et cetera. We’re finding that more and more insurance companies are increasing the benefits they are now paying out for damages caused to properties by pets.
- If Your Property is Being Sublet-
Subletting is another potential problem for landlords. If your tenants have organised someone who isn’t on the lease to live in the property, they won’t have met you and might not treat the property as well as someone who has. Without being on the lease, they can avoid becoming accountable for any damages, and that’s where a Landlord Insurance can assist you!
- Any Out-of-pocket Incidentals –
And finally, landlord’s insurance will cover you any minor incidentals that may come up. Say, for instance, your tenant had to move out unexpectedly due to financial or personal constraints. The insurance will cover for the loss of rent, as well as for any cleaning, repairing, leasing and advertising fees you may be subjected to.
Convinced and looking for the perfect Landlord Insurance? Get in touch with our expert property consultants to know more about how to maximally utilise it to your benefit!
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