This guide will talk you through what landlord insurance including rent guarantee covers, and why it’s important for landlords with mortgages and buy to let businesses to have it.
This kind of insurance pays out for claims based on properties that become unoccupied because of a fire or flooding damage.
Some polices will pay out for 12 and up to 36 months, depending on the damage.If you have a mortgage or you’re a buy to let landlord, loss of rent insurance is literally a lifesaver.
Some polices also cover tenants defaulting on their rent payments; you can find a policy like this for a little £45 for a property with a rental income of £450. The best way to find a policy your looking for would be compare landlord insurance quotes, click here to do that now.
If you’re a buy to let landlord or have an existing mortgage on a property your renting out to the public, then take this cover, most banks insist on it anyway.
Loss of rent insurance with legal cover
Your legal cover can be added to your policy and it’s important for dealing with tenants that don’t pay their rent, or get into arrears. You’ll also need the right solicitors for civil and criminal proceedings.
The cost should be completely covered.
Make sure your premise is fire safe and fitted with smoke alarms.
Pay monthly and spread the costs.
Use a comparison site to find you better prices, like this one.
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