If you wish to invest your money into assets that generate passive income, real estate must have definitely crossed your mind. However, the possibility of loss of rent shouldn’t keep you away from it. You can always plan the necessary measures in order to protect your interests.
So to protect yourself against financial losses connected with rental properties, you must consider Landlord Insurance, also known as Buy-To-Let Insurance. The best part is that this insurance policy provides cover to the property owner only. The policy covers the building and offers the option of insuring any contents within it, which belong to the landlord.
The landlord insurance however does not cover anything belonging to the tenant. If the tenant wishes to be insured, they must opt for a separate contents’ insurance policy.
Below-listed are some of the extended options, available with Landlord Insurance.
Extended Options for Landlord Insurance
|Accidental and Malicious Damage Cover
This covers unexpected and unintended damage caused by something sudden and external. It also protects against deliberate damage caused to the property by a tenant or their visitors, which is excluded unless this option is selected.
|Let Home Emergency Cover
This covers most of the repair costs for let properties, also known as let home emergency call out fees. For instance, this includes failure or breakdown of the primary heating system, damage, blockage or breakage of the drains or plumbing system. It also includes damage to or failure of external doors, windows or locks, blocked toilet units, failure of the domestic electricity, gas or water supply, and also the loss of the only available keys to the home.
|Landlord Legal Expenses & Rent Guarantee Cover
Up to £25,000 to cover the cost of professional fees charged by a claims handler or solicitor (e.g. Breach of Tenancy Agreement, Pursuit of Rent Arrears, Eviction, Tax, VAT, PAYE & NIC, Investigations, Legal Defence.