It Makes Sense To Ensure Adequate Protection Is In Place
Landlords in Chester with Buy To Let mortgages will already have adequate buildings insurance in place. Even those who own outright usually insure their property for its rebuild cost, with cover in place for damage caused by floods, fire, and storms. However, there are other risks involved in renting out a property. As well as your buildings insurance, it makes sense to put suitable protection in place, so you’ll be financially covered if something goes wrong.
Here at Urban Let, sadly we have seen landlords take a significant financial hit when something unexpected has happened to their property. To avoid this happening to you, you should consider taking out insurance to cover the following things.
1. Your Property Contents
If you’re letting a property fully furnished, good home contents cover is essential. However, even if you’re renting your property out as unfurnished, you will probably still have personal curtains, carpets, white goods, and light fixtures and fittings in the property. The final bill could be very high if everything had to be replaced, so consider whether you need additional contents cover.
2. Damage Caused By A Tenant
Whether deliberately or accidentally, if your tenant causes damage to your property and you can prove it, it’s usually possible to retain their deposit to pay for the repairs. But what happens if the final cost to repair the damage is higher than the deposit amount? Malicious damage insurance will cover your repair bill in this eventuality.
3. Public Liability Cover
If any tenant, visitor, or contractor is injured in the property and thinks it was your fault, they could take you to court for compensation. Public liability insurance covers both any compensation that is awarded plus your total legal costs.
4. Costs For Alternative Accommodation
Should the rental property be so severely damaged that the tenants need to be relocated while repairs are completed, you could incur additional costs to cover alternative accommodation. This insurance will ensure you won’t take a financial hit.
5. Legal Expenses And Rent Protection
If you’ve never taken out insurance for legal expenses and rent protection, then this is something you should consider. If your tenant defaults on their rent, your income will be protected. Not only that but the expense of evicting the tenant will also be covered.
Although there’s a lot to pay for as a landlord, giving yourself as much protection as possible against any unexpected costly bills makes sense. Unfortunately, some landlords in Chester find that they end up out of pocket because they failed to consider all the potential risks they could face. With adequate insurance, you can enjoy peace of mind knowing your income is safe and you won’t get any unpleasant financial shocks.
If you need a professional team to help manage a rental property in Chester, look no further than Urban Let. As property management experts in Chester, we’re on hand to make your life as a landlord easier and more profitable!
Call us today on 01244886636 or visit our website at https://urbanlet.co.uk/ to learn how we can help you.