What Landlords Building Insurance Covers

You never know when there is going to be a problem with a property that you have. As a landlord, you will need to make sure that your building is structurally safe at all times, whether it is a leaking roof or subsidence. Landlords building insurance could be the best thing that you have ever bought and could save you thousands in the long term.

Protect Yourself Against Structural Problems

Mould, cracks and subsidence are all problems for a building and make the home unsafe for tenants. You will need to make sure that these problems are fixed to ensure that there are no liability cases against you should something happen. This is something that the building insurance will help to cover against. Structural problems can cost thousands to repair and you cannot claim from the tenant if the tenant is not at fault.

This also includes any problems where there has been water damage due to flooding – that is not the tenant’s fault – or damage from high winds and adverse weather conditions – again, where the tenant is not at fault. You will be surprised by the amount of things that can go wrong when you let out a property.

Protect Yourself Against Rent Problems

When a tenant cannot live in your home due to building problems, they will not need to pay rent and you will be liable to cover costs for accommodation while repair works happen. This is a huge dent in your funds but your building insurance will be able to help with this. However, you will need to make it clear to the insurance companies that the property is let out to make sure you qualify for this cover.

Unoccupied Cover

When you take out landlords building insurance, ensure that you take out unoccupied cover too. This will cost extra but it is worth it if something happens while there are no tenants living in the property. It will also help you make sure a property is perfect for when a new tenant moves in.

There are many different types of insurances available for landlords. It can be difficult to find the right one, which means that you need to look into each one separately and assess your needs. Landlords building insurance is one of the most needed forms of insurance to protect against many issues that can happen with the structure when it is not at the fault of the tenant.