Landlords Buildings Insurance

Landlords Buildings Insurance  

As a landlord your major asset is the property or properties that you have in your portfolio. You may simply have purchased a second property which you let out to raise some extra cash or you may have a larger portfolio of properties that you work on full-time. In either case you may well find that landlords buildings insurance will help you protect your assets.

We never know what might go wrong on life. You may, quite rightly, be able to assume that everything may go smoothly with your properties. But, what if things don’t run smoothly? For example:

• What if a bus were to drive off the road into the front of your property?
• What if a tenant threw a party where gatecrashers came in and knocked holes in your walls?
• What if there was a flood, a fire or even a small earthquake?
• What if you suddenly realised that your property was suffering from subsidence and you had to pay to get it fixed?
• What if squatters moved into your property between tenants and caused some malicious damage?

These things do happen, perhaps more often than you may think. And, as a landlord you do need to think about the worst that could happen. If you have some form of buildings insurance for landlords in place then your insurer may be an invaluable help to making sure that you can make things right without being out of pocket.

You may also want to consider your liability to the general public and to your tenants as part of your landlords buildings insurance policy. What would happen, for example, if a roof tile fell off your roof and injured your tenant or a passer-by? Could you cover the costs of legal action if they decided to sue you?

As with any insurance cover landlords buildings insurance is designed to help you cope financially if things go wrong that are covered in your policy. As a landlord you have specialised needs from a policy so you may want to take specialist advice to make sure that you get the right cover at the right cost.