Why You Need Landlord Insurance

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It’s been a turbulent couple of years in the property world and if you had decided to invest in property a couple of years back, you might be struggling with the rise in interest rates. While some things have changed, there are a few things that are always the same, and one of those is that landlord insurance is one of the wisest investments you can get if you’re planning to make your property and investment property to rent out to others. 

If COVID has taught us anything, it’s that the rental world is a delicate one and we are in a current housing crisis, which means that currently there are more tenants than we have houses available. You know that affordable landlord insurance is something that should be on your priority list, which means that you need to be looking at exactly how you can up how much money you are spending on the House that you rent out. Landlord insurance is going to protect you and is designed to make sure that you are getting the very best. No one knows what lies ahead, and nobody knows what’s going to happen to the property market with the way that the interest rates keep rising and crashing. The best thing that you can do is protect yourself.

So here are 3 reasons why you need landlord insurance:

Table of Contents

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1. You don’t need it until you need it.

You might think it’s an unnecessary expense, something that you shouldn’t have to spend your money on, and you can use that money for something more worthy, but insurance is always going to seem like a waste of money until you need it. Deciding to self insure and cover the risks yourself can sound like a great way to save money, but what do you do when you’re hit with a boiler that needs replacing and you don’t have that backup funding? You might save a few hundred dollars in premiums, but if something goes wrong at your rental, you’re left facing a hefty repair bill.

2. You can cover things that are beyond your control.

Even the best of tenants have the best of intentions, but that doesn’t mean they don’t hit hard times, too. Landlord insurance is going to ensure that you still get your mortgage paid on that property when the tenants hit hard times. Divorce and separation, unemployment and illness all happen, and the right landlord insurance can ensure that you can recoup those losses without having to worry.

3. You are covered if your tenants are less than ideal.

As a landlord, you’re going to find at some time or another that you have tenants that are not the ideal ones out there. Renters who run out and leave you thousands of dollars in the hole are always going to be a problem.If you have a tenant that decides not to pay and they won’t leave, then there’s a whole range of legal problems that you have to deal with. It’s not uncommon for these problems to take months to resolve, so having insurance can make sure that your home is still being paid for even when you can’t pay for it out of your own pocket.

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