Investing in property to become a buy-to-let landlord can be an exciting chapter in your life. It can become a substantial second earning alongside a primary career, or a venture into the business of property letting full-time. What can be said for both though is the mutual stress it can sometimes bring. For that reason it is extremely important you select the correct landlord insurance and know exactly how to do that.
So below are three golden rules that can guide you simply into selecting and narrowing down the credentials for the right landlord insurance.
- Honesty is the best policy.
Starting a new venture can be daunting, so now more than ever you need to be completely honest about your situation. Giving extensive and honest details about any potential risks that may occur will allow you to rest assured that no matter what may happen, your insurance will have it covered. This is also why you should be aware of what needs covering, and what is covered in your package.
- Fully furnished, or not?
If you are going to include any furniture within your property then it is highly recommended that you insure them, so that if damage or theft does occur then you are completely covered. This will ensure that your well-spent money, time and effort is not wasted or lost. Remember though that this doesn’t cover tenants’ personal contents, they must seek their own insurance for this.
- Does the perfect tenant really exist?
The final of the three golden rules, unfortunately the answer to this one is no, the perfect tenant doesn’t really exist. We advise you to remember tenants are only human and accidents will happen. But luckily, what makes up for with the not so perfect tenant is in fact the perfect landlord insurance. Accidents will inevitably happen, but when it concerns larger incidents like burst pipes, late rent payment and smoke damage, the right landlord insurance can make dealing with these issues much easier.
So overall if you’re honest, consider any furniture contents and select the right landlord insurance packages to cover the essentials, then your journey and time as a landlord is bound to be much less stressful.