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The Importance Of Landlord Insurance: Why You Need To Get Covered

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Whether your property portfolio consists of a spare room or a collection of penthouses and high-rises across the country, being a landlord comes with rights and responsibilities that need to be protected by a landlord’s insurance policy. The level of cover you receive is equivalent to the value of your property, so there’s no reason to think that your portfolio is too big or too small for you to receive exactly the right kind of cover.

As a significant investment, your property needs to be protected. Maintenance and repair of the property itself, and the smooth running of tenancies, is not something you should leave to chance. There are many benefits to securing adequate landlord insurance.

Protect Your Investment

Insuring against fire, flood, theft and damage ensures that you’re covered for those large-scale payouts. As a landlord, your property is going to be getting heavy use frompotentially fleeting, short-term tenants who don’t necessarily care as much about the finish of your kitchen counter as you do. Wear and tear will mount, and repairs are a frequent duty of any landlord. Dealing with damage, or other scenarios in which your property is deemed uninhabitable for a period, can result in loss of revenue unless you’re insured.

Ensure Receipt of Rent

Whether a residential or commercial landlord, tenants falling into rent arrears can be a nightmare. The costs in time and resources as you chase them up can compound the inconvenience of delayed receipt of income. Getting insurance cover from a company who are experts in the ins-and-outs of both residential and commercial landlord insurance will mean that you can get cover for missed payments and broken tenancy agreements. The same cover also allows you to claim for rent lost while waiting for repairs.

Perform Repairs Quickly

Together with having your gas and electric certified, you will need to make sure you have cover for repairs to everything from plumbing to roofing, boilers and heaters and everything in between. The cost of numerous minor repairs can easily add up and, without insurance, can impact on your income. Adequate insurance means that foresight can equal forewarning, and a range of more serious issues nipped in the bud.

If you’re not already covered and are essentially operating a business out of your premises, you need to discuss your options with an expert advisor today. Contact us for a range of services ranging from residential to commercial, and to find out how we can help your business keep its competitive edge.

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