As a landlord it is vital that you protect your investment as efficiently as possible. Your homes, flats, apartments, shops, or any other type of premise that you make an income from should be one of your biggest priorities and this means protecting it from a range of possible forms of damage that might occur. Landlord building insurance will protect the building itself and ensure that, if it does become damaged or completely destroyed, that you have the money to put things right.
Landlord building insurance will usually only form one part of your overall landlord insurance policy. You can include various other elements such as public liability and even contents insurance. If you rent out your property with any furniture or appliances included then you should bear in mind that there is a very real chance of those items becoming damaged when you rent property out for any period of time.
There are a number of things that landlord building insurance protects against. Events that are considered and described as being natural including fire, flood, and storm damage are included as part of the protection you receive so you will receive the money required in order to be able to make repairs to your building. However, you should remember that if any of these problems do occur there are other ways that it will cost you.
While repairs are being made, you will not usually be able to charge rent. You will need to find somewhere for tenants to stay in a lot of cases, but if your building does become damaged by an event that is covered by insurance then you may even be able to reclaim your lost earnings as part of a loss of income insurance policy.
It isn’t just natural damage that landlord building insurance covers either. You can enjoy protection against deliberate damage. Some tenants have a tendency to trash flats and other accommodation when they’re leaving and then disappear; with no forwarding address left it can be impossible to track them down to pay for the damages so you should ensure that this is also included in your landlord building insurance quote.
Visit TheBusinessOctopus.co.uk for more information on landlord building insurance and to request a quote tailored specifically to the needs of your property portfolio.