As a landlord you are affectively an entrepreneur, so always ensure you have a good framework of financial products at the heart of your business.

Failure to ensure you have adequate landlord insurance in place could end up costing you dear both financially and emotionally.

Your buy to let property is likely to be your most valuable asset, so it is essential to safe-guard your investment with a good quality landlord insurance policy in place, not only will it protect you against disaster but will give you the peace of mind knowing you are fully protected against all eventualities.

Don’t be tempted not to take out landlord insurance to save a few pounds- if money is too tight to adequately insure your property business, then buy to let is not the investment for you.

You should always have an emergency fund in place to cover the cost of unexpected repairs to your property and maintenance and repairs.

It is vital that you know traditional home insurance policies simply won’t do the job.

The very nature of buy-to-let it makes it important to have specialist landlord insurance in place. Household policies simply do not provide adequate levels of cover for buildings, contents and third party liabilities; while your property is being let out.

There are typically two elements of landlord insurance cover. The majority of expense covers insuring the structure of the building, including the cost of re-building a property from scratch should the worst happen and it is destroyed.

Most landlord insurance policies also include protection of fixtures and fittings and such items as carpets, flooring, kitchens, bathrooms, which goods and curtains.

It is always worth checking the small print to ensure your landlord insurance policy also includes accidental damage to windows and doors.

Do bear in mind that most landlord insurance policies will only cover for theft if there has been “forced or violent” entry. So, if your tenant decides to do a mid-night flit with all your property’s fixtures and fittings and contents you will not be covered.

Always ensure that you take a deposit from a tenant before they move in to your property to protect yourself financially against the possibility of your tenant damaging or stealing your furniture or belongings.
It takes time to find the right landlord insurance policy so shop around and obtain at least three quotes. Always read the small print carefully before signing on the dotted line and don’t be tempted to take out cheap cover, a few more insurance extras may cost a little more money but is certainly worth paying the money for the comfort and reassurance that comes with it.

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