Buildings & Contents Insurance for Landlords
If you’re a landlord or are considering becoming a landlord, you need to be aware of landlord insurance and thinking about how to protect your property and financial interests. There is always a risk of damage to a property, which can be heightened by renting it out to strangers, even if you are vigilant about checking references. Of course, any property can be damaged by an unprecedented accident, this may be a weather related flood/damp or an incident that damages the building over which you have no control.
Landlord's buildings insurance protects your financial wellbeing as a landlord and provides a level of peace of mind that you simply cannot achieve without it being in place.
Landlord buildings and contents insurance differs from regular house insurance as it legally protects your investment whilst allowing tenants to reside in your property. As a landlord you face different risks than you would as a homeowner who lives in their property and your mortgage provider will require evidence that your landlords buildings insurance is in place.
Some examples of damage that landlords buildings insurance can cover are:
Burst pipes
Water leakage
Flooding
Falling trees, aerials, masts or aircraft
Vandalism
Fire
It is important to also consider contents insurance, depending upon the type of property you are letting out. If your property has a garden with furniture, or is fully furnished the risk of damage and theft is increased and the right content insurance can comprehensively cover all of your fixture and fittings.
Apart from the legalities, the bill for damage of a rented property can run into thousands and if it isn’t in place you have no protection in place and if an incident should occur you could find yourself in a seriously life changing situation. It is undoubtedly better to be safe than sorry.
At Boutique Financial we cut through the jargon and find the most suitable cover for your circumstances. Our expert advisers will ascertain what your individual requirements are and ensure that they are met, we will work with you to secure your property.