Do I need landlord insurance?

It is the most common question asked by a number of landlords. Currently, it is not a legal requirement in the UK, but you will find it beneficial. Whether you have a single buy-to-let property or a large portfolio, landlord insurance protects you from the risks you may have while renting out your property. There are different types of covers included in a landlord insurance policy that provide you protection for your building and contents if there is any damage due to fire, flood, storm, theft and vandalism. However, it will not provide cover for your tenants' stuff, and they have to purchase tenant insurance.

If you think about whether you need such insurance and how it can benefit you, check out the following benefits.

Protect Your Investment

When you purchase or build a property to rent out, you have invested a significant amount in it. If any disaster strikes, such as a flood storm or burst water pipe, it can cause damage to your property. By having landlord insurance in place, you will at least have peace of mind that your asset is adequately protected if any such thing happens. It will cover the cost of damage without putting pressure on your pocket.

Save Money

One significant benefit of landlord insurance is that it saves you money for repair work. A small fee that you pay monthly covers a wide range of costs such as call-out costs, materials and repair work. You can also find cheap landlord insurance by making price comparisons and maintaining your property in good condition.

Keep Tenants Happy

The less time you take to react to home emergencies and repair the damage, the more happy your tenants will be. Happy tenants will, in turn, cause fewer problems, likely to live in your property for longer and pay rent on time. These are some good reasons to keep your tenants happy. In addition, landlord insurance providers provide you with 24/7 emergency cover and help you in solving the problems within the lowest possible time.

Meet Legal Obligations

As a landlord, according to law, it is your responsibility to maintain all the appliances and supplies, including water, drainage, and electricity, in your rental property. You are also required to provide your tenants with a safe and habitable environment. If you know any damage is present, you must make repairs within a reasonable time period. When you have landlord insurance, you can meet your legal obligations without any difficulty.

Access To Trusted Engineer

One other benefit of landlord insurance is that it can help you in getting access to trusted engineers whenever you need it. So instead of finding the right one, you only need to call your insurer, report the issue, and they will send a trusted engineer. This way, you can have peace of mind that you will always have quick access to the right person for the job.