No matter what kind of property you rent out, you need to safeguard your investment. Being a landlord exposes you to risks which are not covered by conventional insurance.
To protect your asset from risks such as fire and flood, all landlords should take out landlord buildings insurance. Depending on whether your property is furnished or unfurnished, you can also choose to take out contents insurance.
While you’re not responsible for your tenants’ contents, there are some advantages to making sure they have the appropriate cover in place.
Tenants should have some level of cover that protects them for damage they may cause to your property. Without insurance, this would come out of their security deposit and prove inconvenient for you to repair or replace. It’s in your interests as a landlord to check your tenants have purchased insurance cover, which may include some of the following:
Damage to the property caused by the tenant allowing the bath or shower to overflow
Accidental damage to glass and sanitary fittings fixed as part of your property
Replacement locks, keys and locksmith charges in the event of their keys being stolen
Ensuring that your tenants have the best cover in place will not only protect your investment, but also help reduce the risk of a deposit dispute at the end of the tenancy.
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