Landlord Insurance is a special insurance policy that covers the homeowners from financial losses which they might be subject to with rental properties. Landlord insurance covers all the third party risks you may encounter by having tenants. Landlord insurance in London provides the sense of security and peace of mind to property owners. Let us see in this article how landlord insurance solves your problems:
- Landlord insurance covers the damage to the structure of the building and the personal property in an event of fire, theft, storm, vandalism or tenant damage.
- If your rental property becomes uninhabitable due to an insured loss like storm or fire, the landlord insurance London will help you recompense the loss of income. For example, if your property gets damaged by lightning strike then it will take little time for you to repair the property, in this case, the insurance will compensate for the rent you will lose due to repairs.
- With the help of liability insurance covered by your landlord insurance London, you can cover the expenses, claims, and lawsuits associated with a third person bodily injury that happens on your property. As a landlord, if you are found responsible for other person damage, liability insurance will cover for you. In case a tenant or visitor is injured due to an accident happened on your property due to something like a broken stairway, the liability coverage will protect you from the expenses you might need to pay.
- Under landlord insurance policy, you can opt for additional coverage such as disaster insurance, employer liability insurance, rent guarantee insurance, and landlord contents insurance. These add-on coverages can be customized according to your requirements.
- The cost of the landlord insurance London depends upon the size of the property, geographical location, known risks in the area, number of rental units, the existence of security systems like a burglar alarm, and the type and coverage amount offered by landlord insurance policy.
- Your landlord insurance policy can help you when your tenant stops paying the rent. Check if you have opted for cover for the loss of rent. You can also get covered for the damage to your property by your tenant under landlord insurance.
- Every property owner should get landlords insurance as it guards you against the sudden losses due to property damage and compensates you for the costs it will incur. As a landlord, you should apply for following insurance covers: Landlords building insurance, landlords content insurance, landlords contents insurance, loss of rent insurance, legal expenses insurance, and landlords home emergency cover.
