If you rent a property, you know all too well the stress of trying to protect your building when you're not actually in it. While landlord insurance can bring peace of mind, it will only come in handy if you have the right cover.
There's a lot of information about landlord insurance out there, and the important bits can often get buried in all the noise. So we've put together some of the most common myths about landlord insurance, to help you better protect your investment.
My tenants don't need contents insurance
Although they shouldn't be yours to worry about, damage to your tenants' contents could end up being your problem. For example, if your house caught fire and burned your tenants' contents, you may be the one left to clean up the mess, as your landlord insurance may not cover the cost of removing the debris since the items damaged were not your property. For this reason, it's worth encouraging your tenants to take out contents insurance, or only accepting applicatons from those who are willing to do so. While this process may limit your prospects, the ones you do attract are more likely to help safe guard your property.
My property's covered if my tenants go on holiday
As is the case with standard home insurance, it's dangerous to assume that your property is covered while vacant for an extended period of time. Some insurers may impose restrictions on how long the property can be unoccupied for while still receiving cover. It is therefore a good idea to ensure your tenants notify you of any extended holidays so you can check if your landlord insurance still covers your property while they're gone.
Landlord insurance will cover me for loss of rent in any eventuality
While it's standard practice for landlord insurance to protect you against loss of rent, insurers vary in the eventualities that they cover. In general, you may be covered for loss of rent due to:
- The death of a tenant(s)
- Unsafe living situation following an insured event
- The tenant obtaining a hardship order
- The tenant(s) defaulting on payments
- The tenant(s) being evicted
Keep these situations in mind when comparing landlord insurance to ensure you're getting the best possible cover.
There's no guarantee that your property will remain safe and sound while renting it out, but landlord insurance can at least give peace of mind that you'll be looked after if things go wrong. If you're looking for the right policy for you and your investment, start a quote with us to see how much you could save with Youi Landlord Insurance.