Why get landlord insurance?

When you’re a landlord, a whole host of things can crop up that can hit you where it hurts most: in the pocket. Running your own home is hard work enough without having to think about other properties – but with decent profits on offer in the buy-to-let market, it’s no surprise that many savvy businesspeople invest in property.

Often the key to making buy-to-let work is to protect yourself with things like landlord insurance. When you’re renting out properties, typical household insurance is not enough to cover you in the event of numerous emergencies, meaning it’s essential to be protected.

Which types of insurance should landlords consider?

All types of property can be hit by a whole range of problems, from plumbing and drainage emergencies to issues with electrical wiring and roof damage. For this reason, it’s a good idea to be protected with cover that includes all of these problems. This can minimise how much you’ve got to pay to repair the damage and keeps your tenants happy.

Don’t forget your obligations

Landlords have a number of specific responsibilities when it comes to the management of the properties they own. A number of these responsibilities relate to safety, such as gas and energy performance. In the case of the former, as a landlord you must make sure that an annual CP-12 Inspection is performed on all gas appliances within the property. Given that this is compulsory, many may find that getting insurance to cover the cost of the check makes smart business sense. For a little extra each month, you can also add on an annual boiler service from a fully qualified tradesman – something that could take a real weight off your mind.

Combining your cover

If you want a policy that combines all the above and more, a comprehensive landlord insurance policy could be your best bet. This will mean you’re covered for many different eventualities and could also save money compared to buying the policies separately. From water supply pipe problems to roof damage – and that annual gas service you must arrange – you can get everything included in one policy, making things as simple, easy and affordable as possible. With many policies, your tenants can claim directly, making things as hassle-free for you as possible.

Owning a property and renting it out can be a complicated process, doesn’t it make sense to make your landlord insurance as simple as possible?