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Landlord insurance is essential for rented property

The buy to let sector is a growing business in the UK as the demand for rented homes keeps on rising.

But whether you are just starting out as a landlord, or already have a few homes under your belt, one of the most important financial products you will need is landlord insurance for your rented property.

There are three main reasons for taking out this type of specialist insurance.

First, it will provide buildings cover in the event of damage caused by fire or flood. It will also protect against damage as a result of theft caused by tenants, burglars or vandals. Some policies cover malicious damage by tenants, so it’s worth checking policy details before signing up.

Landlord insurance for rented property will also cover contents, which is particularly important for owners who are letting furnished accommodation. This will cover repair or replacement costs for items such as furniture, carpets and white goods.

The third pillar of buy to let insurance is public liability cover. Landlords have a responsibility to provide safe premises. If a tenant or visitor is injured in your building and you are found liable, this insurance should cover legal costs.

There are extra options offered by some insurers which you might find helpful in your line of business, such as rent guarantee insurance, which will cover any unpaid or missed rental payments and can even help with void periods when your accommodation is lying empty.

Legal expenses insurance can also be useful in the event of any tenant-landlord disputes which end up in court and could prove costly.

A number of insurers provide landlord or buy to let cover. More Th>n Landlord Insurance starts from £159 a year, while Legal & General's cover is four star Defaqto rated. Terms and conditions vary among providers, so always check the full policy schedule.

 

Landlord insurance is essential for any rented property.

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