Landlords, property management and Insurance!
You have your property ready to go, the tenants are all settled into their new home and you can now see the rental incoming coming in. The hard work, furnishings and paperwork have been worth it and now you can sit back and relax…
Ok, now that we have awoken from the dreamland of Landlords and renting a property we can begin to prepare and manage what is actually a full-time responsibility as a buy-to-let owner.
One thing worth giving a thought to is the Insurance that is going to protect your properties!
Renting out your property usually brings with it a whole host of things to tick off the to-do list. Therefore, landlord Insurance is one worth keeping near the top!
What is “landlords insurance”
Imagine your homeowner’s insurance but designed for rental properties. The mortgage lenders will want you to have something like this in place as you can never be sure what the market will do, moreover, insurance protecting your properties will give you peace of mind as a landlord.
What “landlords insurance” typically covers
Things Landlords Insurance will typically cover:
- Property Damage – The elements don’t tend to take a view on what will happen to your rental property if a high gale storm strikes or fire damage occurs
- Loss of rental income – You can never be sure that you will always have income coming in from your investment properties, so always best to cover it off and solve the possible headache before it even occurs
- Liability – Protection from a tenant taking you to court due to an injury sustained from one of your properties
It is not uncommon to find yourself paying more than the usual home insurance cost for these types of policies, but as ever, it is worth having in place to prevent bigger problems from forming down the line.
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Having insurance on your property, regardless of whether you live or rent it out is not a bad idea. If you have a mortgage then you will have to have some form of coverage for your estate assets. If you own the property outright, having something in place to protect you should the worst happen is never a bad idea!
Mortgages for your properties
Making sure you are aware of your mortgage lenders’ requirements will save you time when it comes to having adequate protection and insurance in place. It is important to remember that one policy can cover all the insurance needs you will need in one go, preventing the need for multiple policies, and ultimately more unnecessary costs.
At Lofti, we understand the importance of getting the relevant insurance in place and have a dedicated team on hand that supports landlords like yourself with all things insurance and property related. Being an intermediary that is regulated by the Financial Conduct Authority we can also provide mortgage advice when it is needed.
When we say integrated and connected, we really do mean it, hit this LINK and chat with us to know more 😉