If you’re new to the world of property investment then you might still be learning the ropes about what you should and shouldn’t do in terms of renting. The first thing you should do when you are ready to rent is to enlist the services of a reputable agent. At Position One we can guarantee we are that agent.
We will expertly guide you through what you need to do to ensure your investment is lucrative and well taken care of. One of the first pieces advice we would like to share is about landlord insurance. While we understand that many people don’t like to spend money on insurance in general, landlord insurance is one type of insurance that you shouldn’t ignore.
Why should you have landlord insurance?We all know what insurance is for; it is to cover you for any unforseen losses and damage. When it comes to renting your investment you don’t want to skimp on being covered. We do our best to screen all tenants to avoid anything going wrong. However, the sad truth is that sometimes it does.
There are many different covers available from all insurance providers. Generally, what is covered is fire, fixtures, fittings, rent unpaid and more. As each provider may be slightly different you will need to check thoroughly what you are covered for.
Landlord insurance ensures that if something goes wrong and you are covered that you won’t be out of pocket except where excess is concerned. What might have cost you thousands could end up costing hundreds thanks to landlord insurance.
Choosing an insurerIt is important that you shop around when it comes to choosing your insurer. Some will provide cover for more items than others and you always need to check fine print. For example, if you wish to be covered for floods you will need to choose a provider that covers this if your property is in a flood zone.
Being clear on exactly what items are covered and under what terms and conditions is vitally important. Reading terms and conditions can get quite confusing at times and you should always ask the insurer if you have any questions before signing up for anything.
Our team at Position One are ready to assist you in any way they can when it comes to your investment. Contact us for advice on landlord insurers and our screening process for tenants to give you peace of mind that everything will be okay.