Many landlords believe that the cost of landlord insurance might outweigh the protection and financial security benefits it can provide. This is not the case.
Whilst all care is taken when choosing your tenant and managing your property, unforeseen situations can arise. An investment property needs to be appropriately protected. Landlord insurance can provide you with the peace of mind and confidence that your property will be look after should something go wrong. It could also be worth noting that your premium may be tax deductable as it is an investment expense.
As with any insurance policy, coverage can and does vary however there are a number of inclusions that are usually standard, these include:
Before ruling out landlord insurance, it is important for landlords to consider how much risk they want to expose themselves to and evaluate whether or not they will be able to cover the cost of unforeseen events without the help of insurance.
Landlord insurance is an important purchase, so take the time to carefully review any policies and consider the needs of your specific situation. It is impossible to predict the future, but a comprehensive insurance policy will protect you against the unexpected.