If you currently own a property, you may be wondering what property insurance for landlords is. Property insurance for landlords has one primary aim: to help protect the landlord against theft or damage to their property. If something were to happen to the property – for instance, if it got flooded or burgled – having an insurance policy could protect the landlord financially. It also helps protect against unruly tenants; if they were to cause any damage to your property, you would be protected against that too.
Property insurance for landlords should be taken out even if you are renting only part of a property. For example, if you were renting the back room of your home out, you would be advised to take out an insurance policy. This is because your actions are now commercial and you are entering into a transaction with the tenant. Be sure to check with your current insurance providers to see whether or not they provide property insurance.
Property insurance is even needed if you only rent out a property for a few weeks each year. This may be when you go on your annual holiday. Some insurance providers cater specially for these circumstances.
Although property insurance for landlords isn’t a legal requirement, it is highly recommended. You could find yourself in a lot of trouble if something happens and you aren’t protected. At the very least, it will give you peace of mind, even if you never end up using it.
Finally – it isn’t easy to con an insurance company. Many make false claims on their insurance in an attempt to gain financially. The majority of those who do this do get caught out, and legally disciplined. Insurance companies always investigate claims to ensure they are valid.