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When it comes to whether landlords insurance is worth the cost, it is essential to understand some of the most common maintenance issues with properties and their value.
The DIY Option
If you have the time and the means, then one option for repairs is to do them yourself.
For example, if your property needs to be redecorated following water damage to a room, this is a reasonably easy job to do yourself – bearing in mind how many hours it would take and how much you can typically earn per hour, alongside the cost of the materials.
However, there are some problems which you 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 means 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 costs.
When parts of your property are damaged, they may also have an underlying cause, such as water leaking, that will need to be repaired at the same time – quickly making the costs of anyone issue rise.
The landlord’s insurance will vary widely depending on how much the total rebuilding value of your home is. However, your property’s cost is likely to exceed that of your insurance premium. In the case of destruction and severe damage, you will be making thousands and thousands worth of savings if you are protected with the landlord’s insurance.