All homes will need upkeep from time-to-time. When routine inspections are Word to the wise: if you’re leasing a property without a current landlord insurance policy in place, you are putting yourself at huge financial risk. Although one hopes that nothing should go awry with your lease or your property, it is best to have the safety net of landlord insurance in place as a contingency plan for unexpected events. 

 

Most tenants will respect your investment property and treat it as their own home – with care. In the rare circumstance that damage is done to your rental property, landlord insurance steps in to protect your asset. 

 

A common feature of landlord insurance includes covering intentional damage to your property caused by tenants or their visitors. If your tenants do not pay their rent, your landlord insurance should cover any loss made. Additionally, you should seek landlord insurance that covers theft or legal fees which may be incurred if you or your occupiers choose to take legal action over damage to your investment property. 

 

Choose your landlord insurance carefully and pay close attention to policy details – your property manager will be able to refer you to reputable insurance providers should you require a referral.