Property Investors Must Seek Out Landlord Insurance
With more and more homeowners’ choosing to transform their home into rental properties, making sure that their homes are protected against tenant troubles has never been more important.
According to leading property advisors, traditional home insurance policies become invalid as soon as a homeowner starts to make an income from their property.
As a result, they are advising homeowners to make sure that they have got a detailed contract in place that clearly describes the responsibilities of both the landlord and the tenant, as well as a good landlords insurance policy.
A standard £93 landlord insurance policy for instance will protect investors in the event they make a loss of rent from their tenant whilst a policy at £134 per year will provide adequate cover for legal expenses, such as property repossession, tenant defaults and recovering debt.
And it would seem that without this protection, property investors could incur considerable unnecessary costs (should their relationship with their tenant turn sour)…
Because of this property advisors are recommending that landlords to do their research, check out the small print of their policy and make sure they pick one that provides them with all the protection they need.
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Tags: property advisors, property investors, rental property
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