Property owners are earning good sum of money these days by letting their property for rent. It is a lucrative business where we don’t have to put in much of our efforts to build the already existing thing or in maintaining it. No offense to the landlords who have put in their heart and soul trying to keep their tenants happy and comfortable. There is a lot of work that the landlords have to do in order to get their monthly rent from their tenants.
Their work include looking after any repairs in the property, taking all the safety measures, complying with the rules and regulations that the government has framed for that city and taking care of any requests that their tenants may have with regard to the property. Likewise, there are a few uncertainties that the landlords face.
•Property owner’s liability
•Loss of rent
Accidental damage caused to your property by public or tenants are repaired and replaced by the landlord content insurance. When it is not our property we tend to be a little easy going while using it, resulting in repairs and damages. Not to forget, some damages are done accidently.
Any loss or damages done to others is covered by Property owner’s liability insurance. Damage to third party property, physical damage to the third party is compensated by this insurance.
The time when the tenants do not pay rent because of their financial position or any other reason like a dispute between the tenants and landlord, while the property is vacant there is no rent that the landlord earns during that period. So it is during such times that Landlord Insurance comes in as a saviour to compensate us with the loss of rent. The loss of rent that the insurance company compensates the landlord is fixed at the time of issuing a policy.
The legal expenses that the landlord will have to face during court proceedings, for the lawyer’s fee and other compensatory fee are all covered the landlord’s insurance. It is well known how the lawyer fee has raised and it is not easy to meet with all those expenses all of a sudden when the liability arises.
Rebuilding cost of the landlord’s property after any natural calamity or any terrorist attack is covered. Also, when there is any re-building to be done after repairing, those costs are covered by the insurance.
Any other certainty is covered by the add-on covers that are available. So get a landlord insurance as per your need.Find more information with insurance-landlord.org.uk.