Landlords property insurance – is it worth the cost?

If you are considering renting out a property you own, you should be thinking about taking out landlords property insurance. If you are renting out your property in order to raise some much-needed cash – as many people are doing, in these tough economic times – you may think purchasing landlords property insurance is illogical. After all, you are trying to earn more, not spend more! But in reality, it is probably a worthwhile cost – here’s why.

Landlords insurance will financially protect you if there is an unexpected incident at your property. This could be a fire, flood or incident of burglary. It may be that one of your tenants has left the property without paying their rent. If you are unable to let your property for any length of time because it is damaged, insurance can help you here too. It is obvious that events like these (which could potentially happen at any time, to anyone) will have large costs. Renting out a property without insurance leaves you at risk of being left to pay these.

So whilst paying out for landlords insurance is a regular cost you would rather not be paying, it helps you avoid being left with hefty bills that could leave a massive dent in your finances.

Sometimes, various aspects of landlords insurance aren’t worth the cost. For instance, there is little point in paying for contents cover if your property is sparsely furnished.

But in most cases, insurance can be of great help. It is better to be safe than sorry when it comes to your finances. Landlords property insurance is definitely worth the cost. It is possible to find a cheap quote for insurance using online comparison sites, or by contacting your current home insurance provider.