Investing your money in property can often come with a few risks. Having the correct level of cover in place is something we consider with every landlord at The Mortgage Library.
Finding the right type of policy may appear tricky on the surface, but here our Librarians do all the work for you and will recommend the best products for your investment to remain secure.
Looking for landlord insurance?
Being a landlord can be a costly and risky business, so it is vital to make sure you have the correct level of cover in place should anything go wrong. Landlord Insurance is made up of building and contents insurance as well as more specific levels of cover including loss of rent insurance, landlord liability insurance and legal expenses.
There is no legal obligation for a landlord to take out a specific Landlord Policy. It is, however, very important to consider this if you are a landlord and want to limit the risks you may be exposed to.
Landlord Liability Insurance protects landlords from compensation claims made by tenants within the property. This policy may be required if you are renting your property to student or social housing where they may be a lot of coming and going.
What would you do if your property suffers damage and as a result of this your tenants are no longer able to pay the rent? If you have a mortgage in place this means you are liable to meet the repayments (and any other associated costs) on top of losing any rental income. Loss of Rent Insurance would help you cover this eventuality.
A standard Home Insurance policy will not protect you for any risks while renting out the property. Therefore, even if you only have one rental property, you will want to make sure you have the right level of protection should anything happen. This is not necessarily a legal requirement, but most mortgage providers will specify that you will need to have this type of cover in place.
You don’t need to wait until you have moved into your new home before setting up the cover. The experts at The Mortgage Library will help you arrange a suitable cover in plenty of time for your moving date. You legally own the property from the day you exchange contracts, so it is vital you have something in place by this point.
This is all part of the service provided by our Librarians, and like everything else, is tailored specifically to your individual needs.
By Maria Bartholomew | 24 March 2020
As the nation waits patiently each evening for the [...]