At Xact we offer an extensive range of insurances to protect of Landlords. With increasing regulation and increasing demand for rental properties, it is important that you understand the issues you may face when renting your property and also the protection and insurance that is available to you.
We can provide buildings and contents cover, as well as emergency assistance, rent guarantee and legal expenses insurance to suit your individual requirements.
Why do I need landlord insurance?
Whether you have one property or an entire portfolio, you’ll want to protect your investment. A comprehensive landlord insurance policy will protect against a range of situations that may not be covered by a standard home insurance policy. What if your property is damaged in a fire? What if your tenants cause malicious damage to your property? Or what if there’s a break-in and items you own are stolen? Landlord insurance will save you from footing costly bills that could ultimately bring your time in the rental market to an end.
Protect your building and contents with landlord insurance
During your time as a landlord, you may find yourself having to make repairs to your property. Landlord insurance can cover you in these cases. Perhaps your property has experienced flooding, or maybe subsidence has caused structural damage. A landlord insurance policy can help you avoid costly repair bills.
If you do need to carry out repairs or rebuilding, landlord insurance can also compensate you for loss of rent while your property remains uninhabitable.
Securing landlord insurance isn’t just about protecting your bricks and mortar. You may also need cover for the contents of your property, especially if you are letting it out fully furnished.
Full contents insurance provides cover on a new for old basis following loss or damage, which means payouts will cover the cost of brand new items, regardless of the age or condition of those that were damaged or stolen
Provide emergency assistance with landlord insurance
From time to time, you may need to call in tradespeople to deal with problems requiring urgent attention. Landlord insurance can provide you with emergency assistance protection to cover these costs.
Maybe the gutters are leaking and you need to call in a plumber to fix them as soon as possible. Or perhaps a set or keys has been stolen and a locksmith is needed at short notice to change the locks. Landlord insurance can cover for call out and labour charges as well as parts and materials.
Guarantee your rental payments and secure liability cover with landlord insurance
If for whatever reason your tenants cannot or will not pay their rent, landlord insurance can provide you with the rent guarantee cover you need to keep up with your mortgage payments while you pursue the monies owed.
In the event that legal action is required to evict tenants, legal expenses protection can compensate you for the costs involved. Similarly, if you are forced to take tenants to court due to a breach of the tenancy agreement, landlord insurance can protect you.
As a landlord, you are liable for any accidents or injuries that your tenants may suffer as a result of living in your property. This means you’ll need landlord insurance to provide liability cover in case your tenants burn themselves on a faulty oven or trip on a badly fitted carpet, for example.
Similarly, landlord insurance can protect you in the event that a builder, gardener or decorator is injured while carrying out work on your property.
To find out more about insuring your tenancy or property, email us now