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The importance of Landlord insurance

Posted on 26 May '15 by , under General News.

It is vital for property investors to have Landlord insurance to protect their investment in case something unfavourable occurs.

It not only allows investors to rest assured that their investment property will be kept in top-notch condition, but that they will be able to redeem their losses when their property has been badly damaged and abandoned by its tenants.

Property investors should consult with their insurance provider to confirm they are covered for all types of destruction. Most standard building and landlord insurance policies will not account for malign acts or theft by tenants, loss of rent and legal expenses incurred from loss of rent. Though, some insurance providers will cover these costs as an optional extra.

To assist with the claim process in certain circumstances, it is worth having a rental agreement with your tenants to be able to use as backup evidence. Ensure it cites the lease terms, the amount of the rent payment and the bond.