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When it comes to the question of whether landlords insurance is worth the cost, it is important to understand some of the most common maintenance issues with properties and how much they cost.
The DIY Option
If you have the time and the means then one option when it comes to repairs is to simply do them yourself.
For example, if your property needs to be redecorated following water damage to a room this is a fairly easy job to do yourself – bearing in mind how many hours it would take and how much you can normally earn per hour, alongside the cost of the materials.
However, there are some problems which you simply cannot do yourself, or which would be time-consuming and not worth how long it takes you in terms of how much you could have earned for your time elsewhere. It all depends on the scale of the issue and the work involved. A typical landlord and tenancy will assume that contractors will need to be brought in for work.
The upper end of prices mean getting the work done well by a contractor, and savings will be made if you choose to do the work yourself. However, it is clear that simple problems, such as a broken shower, can quickly add up in terms of costs.
When parts of your property are damaged they may also have an underlying cause, for example water leaking, that will also need to be repaired at the same time – quickly making the costs of any one issue rise.
The cost of landlords insurance will vary widely depending on how much the total rebuild value of your home is. However, the cost of work done to your property is likely to exceed that of your insurance premium. In the case of destruction and serious damage, you will be making thousands and thousands worth of savings if you are protected with landlords insurance.