Home emergency plans for landlords offers a level of coverage that simple home insurance doesn't include. Home emergency plans are specialised for landlords who rent out their property, which protects both the structure of the home and the rental income you receive. Home emergency cover also covers landlords for accidental damage, such as flood damage to properties which normal emergency cover may not insure if the property is rented.
Why Landlords Need Home Emergency Cover
Homes are rented as an investment and business venture; normal home emergency is catered for people who use their home as their primary living space, not as a rented accommodation for the purpose of profit. Home emergency for landlords provides an insurance policy based on the fact that your home (and contents in some cases) is a rented property for the purpose of business; you invested in the property and need to protect not just the structure and contents of the property, but the investment you made.
Features of Home Emergency Cover for Landlords
Home emergency cover for landlords can provide emergency call out or repair assistance up to £500 per year, depending on the policy you take out. This means that if anything should go wrong in your property, which would make you as the landlord liable to pay, you can fall back on your insurance to cover the cost. Some policies also offer legal cover should you require it, for example taking tenants to court for damage or non-payment of rent. One of the most important features of home emergency cover is, however, the rent guarantee scheme most policies offer; should your tenant fail to pay the rent or vacate the property without paying outstanding sebts you can recover the amount from your insurance policy rather than losing profit.
Finding the Right Insurance
Landlord insurance or home emergency cover isn't necessarily more expensive than normal home insurance. However, the less you pay normally results in basic cover, whereas a more expensive insurance policy will cover additional areas. A few providers of home emergency cover for landlords are:
Direct Line (http://www.directlineforbusiness.co.uk/residentialproperty/welcome.htm)
More Than Business (http://www.morethanbusiness.com/Products/Business-Insurance/Landlords)
Legal & General (http://www.legalandgeneral.com/insurance/buy-to-let-ms/)
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