5 reasons why you need specialist landlord insurance

As a landlord, you have a number of responsibilities, particularly when it comes to your tenants. Sometimes issues are foreseeable, but sometimes they’re not. Specialist landlord insurance to cover all the possible issues that could pop up is an absolute necessity for landlords, and here are 5 reasons why.

1. It protects your investment

Fact: Buying, tenanting, and managing a property is expensive. So, naturally, you want that considerable investment – and ultimately your profit margins – to be protected. It’s far better to pay a small amount to have peace of mind that your building is insured against calamities like fire, flood, theft, and damage, than to take the risk without insurance and face large payouts if the unfortunate happens. We’re sure you can think of better things to spend your savings on!

2. It can cover repairs that need to be made quickly

For emergency situations which affect the habitability of the property, like a severe plumbing issue, landlord insurance can ensure the problem is dealt with and paid for as quickly as possible. If you rent frequently or have short term tenants, the wear and tear on the property is likely to be greater. Rather than paying to fix the damage straight from your back pocket, an adequate landlord insurance policy will pay for you.

3. It can cover you for rent that doesn’t get paid

Rent arrears and unpaid rent is always a risk with tenants. Doing thorough referencing can reduce the risk, but it’s still a risk. This can have huge repercussions for you and your cash flow. Having insurance in place for the time(s) that payment isn’t made means you don’t have to worry about being left severely out of pocket through no fault of your own.

4. It can trace missing tenants

If a tenant has disappeared off the face of the earth without paying the rent they owe, landlord insurance could trace the tenant for you and recover your money.

5. It can cover legal expenses

If you have to take legal action to evict a tenant that has defaulted on their obligations, landlord insurance can cover you for the legal expenses.

What’s special about LegalforLandlords’ landlord insurance and rent protection policies?

Landlord Insurance

• We offer insurance to cover all types of property, tenant, and tenancy and you can add additional services, like rent recovery, on top if you like
• Our services, like rent recovery, are fixed fee, and if we don’t find the tenant then you don’t pay a thing
• You can have a policy to cover just one room in a property, or an entire portfolio of properties
• You can insure properties up to a value of £5 million
• The liability of the property owner can be covered up to £2 million
• Insurance applies to both occupied and unoccupied properties
• You can be covered for malicious damage
• There are no restrictions on the type of tenant – our cover includes unemployed, students, and asylum seekers

Note: You must ensure the policy you take out covers you for the current value of your property.

Rent Protection

• We offer protection for 100% of your rental income against non-paying tenants
• You can be covered for an unlimited period of rent arrears, up to £50,000
• The policy includes the cost of evicting a defaulting tenant
• You’re covered for up to £50,000 of legal expenses
• 50% of the rent is paid for 2 months after a tenant is evicted
• You can have rent protection for 6 or 12 month terms, so short term tenancies and contracts can be covered

Note: Rent protection insurance is only provided on the basis that your tenant has passed a full tenant reference.

General

• You don’t have to be concerned about the cost of insurance premiums – our quotes are unbeatable – and very, very reasonable
• We provide instant quotes
• You can get a discount if you haven’t previously claimed against a landlord insurance policy

For further information or answers to your burning questions about our landlord insurance or rent protection policies, give us a call for free on 0333 577 9050 and we’ll be happy to help.