It doesn’t matter whether you have recently bought a property to rent for the first time or you have been working as a landlord for a while, you need to think about landlord insurance. A lot of people underestimate the importance of landlord insurance, but it isn’t something that should be overlooked. Landlord insurance protects you and your property if anything were to go wrong. There are a lot of different options for landlord insurance, but taking out a policy doesn’t need to be daunting or costly. With a little bit of help, you can have landlord insurance set up in no time at all.
Taking Out Landlord Insurance
When you first start looking into landlord insurance, you will see that it is not a legal requirement. As a landlord, you won’t be breaking any laws if you don’t take out landlord insurance. However, that’s not to say that you shouldn’t take out a policy. A lot of standard home insurance policies won’t cover you if the property is being rented by tenants, meaning that you are not covered if something were to go wrong. This is why it’s always best to take our specific landlord insurance. If you don’t have landlord insurance, you could end up facing costs and stress that could have been avoided.
Landlord insurance works in the same way that standard home insurance does but it covers the additional issues that having tenants can bring, such as the loss of rent. When you are taking out landlord insurance, most insurers will ask what your tenants do. Though this doesn’t often affect the policy itself, you may be charged more if you are renting to students. This is why it’s always best to seek out a policy that specifically covers everything that you need it to, regardless of what that might be.
Landlord Insurance at Hawke Financial Services
As a landlord, it is your responsibility to provide a safe place for your tenants to live. This includes providing adequate smoke and carbon monoxide alarms. If you don’t fulfil this responsibility, you may find that your landlord insurance policy is not valid and that you are not covered for damage caused. When it comes to landlord insurance, there are a lot of different options available. Choosing the best policy can be difficult, but we are here to help. If you need help with taking out landlord insurance or you need professional advice, get in touch. Contact Hawke Financial Services today.