landlord insurance
As a new landlord, your number one priority is probably to let your property out as soon as possible and maximise on your rental income. But before you shout “yes” to the first offer you receive and book that long-awaited, (*sigh*) holiday to Thailand, you might want to take a second and research your best option for letting out your property in the long term, and protect yourself from possible mishaps. At Lyvly we can definitely find tenants for your property; and try to advise on the ‘mishap cover’.
Here are the basics you need to know about Landlord Insurance.
Do I really need Landlord Insurance?
Whilst it is not a legal obligation for a landlord to take out a dedicated insurance policy, if you are looking to rent out your property, it definitely doesn’t hurt to protect yourself from as much as possible. If you have a mortgage on your property it’s also very likely that your lender will require proof of insurance from you before you rent it out.
In a nutshell, if you’re a landlord with a premium property, you should absolutely consider investing in insurance and explore your best options for peace of mind.
Types of insurance:
- Landlord liability insurance
- Landlord buildings insurance
- Landlord contents insurance
- Loss of rent insurance
- Tenant default insurance
- Accidental damage insurance
- Alternative accommodation insurance
- Unoccupied property insurance
- Landlord home emergency insurance
- Legal expenses insurance
Overwhelmed already? We’re here to help! Below we advise on the most important insurance policies you might need.
And — yes, it does get better — if you become a Lyvly landlord, you can cross out more than half of the above and put your feet up.
- Buildings Insurance — covers damage to the structure of the building and built-in features such as fitted kitchens. A no-brainer as a homeowner — regardless of whether you rent your property out or not.
2. Contents Insurance — covers items inside your home, such as furniture, carpets and curtains. It’s a good safeguard against any damage caused . by unreliable tenants. At Lyvly, we only rent your properties to vetted, professional applicants; no students and no madmen! We also clean the properties every two weeks so we can check up on them throughout the tenancies.
3. Property owners’ liability cover — this protects you from any damages and costs awarded to a member of the public, including your tenants, if they suffer an injury or accident at your property. If you’re one of those unlucky people and bad things always happen to you, maybe go for this one!
4. Unoccupied property cover — covers you in between tenants. If you’re worried that you will have void periods on your properties we’d advise you to protect your income. However, if you work with Lyvly, we always pay rent even if the property is void, so you can kick this one right off your list too.
5. Loss of rent — protects your income if your tenants are unable to make the payment. By being a Lyvly landlord, this is another one you can chuck. We pay you 100% of the rent, every month on time; guaranteed.
Where to get landlord insurance
As with most things in life, you get what you pay for with landlord insurance providers. Whilst we can’t tell you which one to go for, we recommend you look at the options in the following:
