Thinking of becoming a landlord?

Thinking of becoming a landlord?

Nov 06
Thinking of becoming a landlord?

If you are thinking of becoming a landlord, there are some key points you must consider before putting the plan into action. Of course, by researching your options carefully you increase your chances of succeeding as a landlord. Working as a buy-to-let landlord is an extremely profitable business when it works in your favour. However, it does take significant financial investment that deserves protect in the form of landlord insurance, such as that available from Castle Cover.

Failure to take out a suitable landlord insurance policy could result in significant financial loss down the line, which could undo all your good work. Landlord insurance comes in a range of forms and you may want to consider some of the following:

Buildings insurance – Covers the property if it is damaged by fire, flood or other events. Meanwhile, it is required by law if you have a mortgage.

Contents insurance – Covers your possessions in the house, such as furniture, if they are damaged or stolen.

Landlord’s liability – Provides protection if your tenant makes a claim against you regarding an accident they have had in the property.

Legal cover – Covers legal expenses if you get into a dispute situation with the tenant.

Landlord insurance may initially seem like an unnecessary luxury; however the combined premiums you pay can work out cheaper than if you are forced to pay any costs yourself.

 

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