If you own a rental property you want to be sure there are sufficient buildings insurance to cover liability and property damage. There are many things that may go wrong and even when the property owner acts perfectly, tenants may attempt to sue for damages to themselves or their property. Some people may even sue for a wrongful eviction, if they really feel they were forced out illegally.
The Accommodation Shop can provide Landlords with specialist insurance cover specifically designed for the rental market.
There are a number of things, as a landlord, that you need to consider when renting out your property. You’ve invested your money in a property, you must make sure that is it insured correctly.
Begin with the type of rental property you own, to determine the level of protection you want for property damage, due to natural disasters. In the event you owe money on the property, the lender will possibly need a minimum specified amount to cover the structure and property itself, to protect its investment.
When you own the property outright, you’ll want to take into account the value of the property to determine how much protection you need. Be sure you include any detached buildings, such as garages, storage sheds and others. In case the property has not been appraised lately, you may want to have this carried out, to make sure you get the right amount of landlords building insurance. Some policies cover actual value, whereas others could offer replacement value.
What you choose will depend on your circumstances. You might also want to consider coverage for lost rent, should a catastrophe leave the place uninhabitable.
Call our offices for more details on our Landlords Buildings Insurance Cover. We are here to help you make the right choice.