Importance of Landlords Insurance

protection. Chances are you have money tied up in your let property, a mortgage payment to meet, for which you depend upon receiving steady monthly payments from your tenant. Regrettably, in the housing rental market the dependability of tenants is not a sure thing, whether through sheer irresponsibility on the tenants’ part or a honest inability to pay, for instance if the tenant has suffered a recent job loss and is struggling to meet the payments. Rent guarantee insurance will ensure you still have money coming in for a pre-determined time period, so if you can’t afford to miss that monthly income should your tenant stop paying, having rent protection will give you tremendous peace of mind.

As landlords risk incurring steep legal fees, it is prudent to include legal expenses insurance in your policy. If you’re forced to pay solicitor fees to deal with tenants who don’t pay their rent or who make a claim against you, or court fees for an eviction hearing, the costs will soar rapidly so it is absolutely in a landlord’s best interests to be covered for such situations.

A further helpful provision of landlords insurance is emergency assistance, which will provide compensation in the event service people are called out to the property, for example if there is an electricity, gas or plumbing problem that is not the result of a lack of maintenance. Most policies will cover costs for parts and labour, thereby sparing you the expense and trouble of