Our insurance products/services are designed to empower and protect our clients with the best coverage possible to meet their needs. When it comes to protecting where you live, finding the right home insurance is important. If you’re a renter, renter’s insurance is quite beneficial as well; if you own a property however, but are renting it out, having coverage to protect you and your investment is also important.
“Landlords should also ensure they have home insurance to protect their property against damage, loss of earnings, and liability.
Loss of rent insurance may be crucial if you have a buy-to-let mortgage
If you’re buying a property solely to rent out, and have a buy-to-let mortgage, your provider may state that you must have loss of rent insurance to cover you if you lose out on rent because a tenant can’t (or doesn’t) pay.
If your property suddenly becomes uninhabitable, whether through fire or water damage, then your tenants will not longer pay the rent. Loss of rent insurance will cover you for this time, ensuring you do not lose out on any money you need to pay off the mortgage for the property. In some cases, this can be included as part of your buildings cover, but make sure you check this.
Contents insurance is vital if your property is furnished
Your tenant will want to protect their things from theft or damage and have their own home contents insurance. But just because they have this in place doesn’t mean you should avoid having a policy as a landlord. Contents insurance will protect your belongings if you’ve chosen to rent it out fully or partly furnished. If you have furnishings such as beds, carpets, sofas, TVs, and white goods (domestic electrical goods such as fridges and washing machines), this is particularly key as they are costly to replace.” (source: abcmoney.co.uk)
Awareness is the first step toward ensuring that you and your property is effectively protected. Learn more about our home insurance products, and let us earn your trust.