How often have you bought the latest gadget only to find that it’s completely useless?There are plenty of things in life which turn out to be a waste of money.��...

How often have you bought the latest gadget only to find that it’s completely useless?

There are plenty of things in life which turn out to be a waste of money. The right landlord insurance isn’t one of them and, as with letting agents, with insurance you get what you pay for.

An insurance policy will give you peace of mind and, when you really need it, the right insurance policy from a good company can save you time, money and a lot of hassle.

But so many people think that insurance is a waste of money. Perhaps they’ve had a bad experience in the past or, more likely, it’s because they’ve never had a reason to really rely on it.

So, if you think that landlord’s insurance is a waste of time, consider these scenarios:-

A burst pipe that causes damage making the property uninhabitable.

The right insurance policy will not only provide emergency call out cover to get a contractor out to isolate the problem but it will also pay the bill to get the damage rectified and pay for alternative accommodation for your tenants and for your loss of rent. If the damage from the burst pipe extends to a neighbouring property you might find yourself being sued by the owner of that property for the damage too – again, with the right insurance – you should be covered.

A stair carpet that starts to come loose and leads to a tenant falling down the stairs

The right insurance policy will pay your legal costs to defend the claim, damages awarded to the tenant and their legal costs too (where you are found legally liable). Just the other day, our insurance representative told me about a claim where a landlord was advised by their tenant that the carpet was uneven at the top of the stairs. The landlord didn’t repair the carpet and then a few months later the tenant tripped, fell down the stairs and broke his arm. He pursued the landlord for damages and a claim for £75,000 was paid.

A disgruntled tenant who damages your property.

Emotions can run high and unfortunately, some tenants may want to take their emotions out on your property. If you don’t have specific landlord’s insurance it’s highly unlikely that you will be covered for malicious damage by tenants.

Unpaid rent

How would you cope financially if your tenant didn’t pay the rent? If you have a mortgage on your rental property, you might struggle to make the payments. Rent guarantee insurance will cover you when the rent doesn’t get paid and most insurances will also provide an amount of legal expenses cover too.

Those niggly issues that come to light at the end of the tenancy.

Then there are the smaller ‘every day’ type claims – like burns to carpets by tenants and damaged bathroom furniture. All of these can be covered by insurance.

Perhaps I’ve convinced you – perhaps I haven’t but either way hopefully you’ll be thinking about landlord’s insurance differently now and if you’d like to discuss the different types of landlords insurance available please feel free to give me a call (don’t worry – I won’t try to sell you insurance but I am happy to discuss the cover you might need)

Emma in a circle

Emma Macgregor MARLA

Lettings Manager

PS: If you are looking for a ‘smart let’ (http://www.robinsonreade.co.uk/quick-let-or-smart-let/) call us today on 01489 579009 or email us at lettings@robinsonreade.co.uk for honest, expert and friendly advice