Why you need Landlord Insurance

Legally, you donbt need landlord insurance, but the majority of buy-to-let mortgages require that you do have it to protect your property. Being a landlord comes with risks that you wouldnbt have when living in your own home; if a tenant gets hurt because of a breech in health and safety, or something gets stolen because the property isnbt secure enough, you wonbt be covered by standard home insurance.

Landlord insurance can also cover rehousing costs if the property becomes unliveable due to a fire or flood. The insurance will also cover the rent youbll lose during the time your property isnbt viable. Itbs a true reflection on how seriously you take your responsibilities to your property and your tenants.

Your insurance will cover you against unpredictable events, like civil disputes, vandalism, and earthquakes, and it will also cover you if your tenant injures themselves while living in your property. As a landlord, you need to be prepared for the worst, and hope for the best, which is why landlord insurance also covers accidental damage. Youbll be able to avoid the usual misfortunes that can come with an unprepared property that would otherwise severely affect your income from the housing youbre renting out.

There is no reason not to get landlord insurance when letting your properties. Even if youbre renting to your family members, landlord insurance would cover you against any damages that may occur, and it can even help towards legal costs from any arising tenant issues.