Thursday, September 10, 2015

What Does Landlord Insurance Cover

What Does Landlord Insurance Cover?

If you are a landlord, you will need insurance and therefore the question of what does landlord insurance cover will be topmost on your mind. The good thing is that here, we bring you all the information that you may need pertaining that and the same can also be found on many other resources. We are living in very uncertain times and therefore anything could happen and you find your property affected in a very serious way. Instead of wishing that you had insurance cover to boost your recovery, or even to place you back where you were before, buy landlords insurance cover today and enjoy peace of mind.
Note that landlords insurance is not compulsory although in most cases, your mortgage provider will stipulate that you have a cover for the property. That property is the only security between them and the home loan that they gave you.

So what does landlord insurance cover – Do a comparison check first

With so many providers in the industry, you will find that many of them offer different packages. In that case, you will need to ensure that you get good value for your money by getting as comprehensive a package as possible.
Consider the rates. You can do that by getting as many free quotes as you can handle, online of course. No matter how urgently you need the cover, you should never buy blindly. Always allocate enough time to find what will fit the bill.
Here is what the ideal landlord insurance cover takes into consideration
·        If you have any content on or in the property it will be covered
·        You are guaranteed of tenants rent should they refuse to pay up. In addition, you are covered for legal expenses if you have to launch proceedings against rogue tenants.
·        Should an insured risk occur and you have to move the tenants out of the property, then the insurance cover will take care of their living expenses until the property is repaired and they can move back.
·        Theft of contents by the tenants or their guests is also covered by the policy. However, this may depend on the provider and that is why we advised you to do comparison checks at the beginning of this article.
·        If a tenant makes a claim against you, then the insurance cover for landlords will cover you for that.
·        You will also be covered for malicious damage of property by a tenant or a third party
·        The unfinished buildings may also be covered, that is, their contents including some kitchenware.
·        Gas leaks, burst sewers and other forms of repair are also covered. The good thing is that the insurance company will send qualified repairmen for the job. You will be assured of high quality.

In addition to buying the right insurance cover for landlords, you should know a couple other things. For example, the policy does not cover the contents of the tenant. They should get theirs. To the question of; what does landlord insurance cover, we would say that it covers as many risks as you would like. 

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