Leasing your property and making money is a good business today. The person who leases his property or lets it on rent is a landlord and the one who agrees to occupy the let property paying a sum in return to the landlord to occupy the property is a tenant. The landlord and tenant are bound in a agreement where certain rules and regulations that the tenant has to comply with are mentioned, the term of agreement, mode of payment are all mentioned. So if either party is found to violate the terms mentioned in the agreement for which both have agreed before the beginning of the term, then the affected party can sue the other.
Times are so bad that people file cases and sue each other even for the smallest of problems and mistakes. The legal costs of fighting for such liabilities have risen to the extent to taking away any savings that we would have made. So there has to be a way to help us out in these circumstances. Landlord insurance is especially designed to cover the risks of landlord. Landlords should be taking this cover to protect themselves from the risks that they are bound to face. Some common risks for which landlord insurance covers them is
- Accidental damage
- Property owner’s liability
- Loss of rent
- Legal expenses
- Rebuilding cost
- Landlords contents
The above are things that any landlord would face at the time when he leases his property. Public liability is termed as accidental damage that others do to landlord’s property and landlord has to make repairs so that his tenants are comfortable with the property in which they are staying.
The period when the tenant is not able to pay rent to his landlord, or there are any disputes between the tenant and landlord and the tenant refuses to pay rent, no
rent during legal disputes, natural calamities hit the property and the tenant is unable to occupy at the time of repairs are all times when the landlord will not have any income. Landlord Insurance will pay the landlord a certain decided sum in such times.
Contents of the landlord are covered in the landlord contents insurance. Any moveable contents that the landlord has placed in his property are covered by the landlord contents insurance. All fixed contents in the property will be covered under landlord building insurance. So these are the ways in which landlord insurance can protect your business. We are here to help and guide you through the right path to land in a best landlords insurance policy cover that best suits you.