01 Mar 12 Property Landlord Insurance

You might have heard people say that being a landlord is a relatively easy job however this is not often the case and sometimes you need to deal with difficult tenants and their problems and even trying to get them to pay rent can be an issue. However it can be a very rewarding career however why should you go to places like JustLandlords.co.uk for your landlord insurance and what kind of insurance will you need?

You can essentially split landlord insurance into two parts; one that covers yourself as the owner of the property and one that covers both your property’s and the people who are living in them and renting from you as the landlord. It is a sad fact that some people do consciously fail to pay their rent on time and when this builds up and they cannot make the payments which is adding more debt to them they often just take up and leave. This action can leave you in a very precarious position as you will need to go down a legal route to get the contract annulled – so that you can rent the property out again – and you will also need to claim for the missing rent payments. However, with a rent guarantee clause you can be covered for this and you may be able to claim for legal expense too.

The second part concerns itself with the property itself and its contents inside. It is unlikely that any major structural damage will occur to your property however you cannot take the chance and the likes of fires and floods do happen and insurance will protect you and the tenant. Furthermore, the chances of being broken into and the tenants belongings stolen is another long shot however without the proper insurance for this event you will find yourself in trouble from a legal aspect.