Protecting the rental income for your investment property

Are you thinking about investing in landlord insurance? While it may not be a legal requirement, you’re leaving yourself open to a huge amount of risk without it. Waterfords Letting Agents with branches in Chobham, Fleet, Yateley and Camberley, take a look at the different types of landlord insurance to consider for your investment property.

What Is Landlord Insurance?

Landlord insurance provides you with protection against the risks associated with renting to tenants. Usually, landlord insurance includes protection against things like damages to the building or contents. But there are other optional policies you can take out, like cover for boiler breakages or missed rent payments.

What Type of Landlord Insurance Should You Get?

There are many different types of landlord insurance available. Each one will cover you for different circumstances. The main types of cover available include:

• Building: Covers the repair of structural damage, plus fixtures and fittings, in the event of a fire, storm, flood or other accident.
• Contents: Covers damage or theft of furnishings, including things like curtains, carpets, and white goods. This doesn’t include items the tenant owns, as they should have their own tenant’s insurance.
• Liability: Covers the costs if you or your tenant is injured on your property.
• Rent guarantee:Recovers any missed rent payments by the tenant and any legal fees should you take a tenant to court.
• Home emergency: Protects in the event of an emergency, like a boiler, plumbing, security, or pest issue.
• Key care: Covers the cost of providing new locks or keys to tenants.

If you’re not sure which type of cover you need, speak to our friendly team at Waterfords Lettings for advice or check with your lender.
 

Waterfords strongly recommend Rent Guarantee Insurance

With the furlough scheme having come to an end in October, many companies who have taken a financial hit during the pandemic may no longer be able to afford to keep staff in the coming months. With increased redundancies likely into the new year, our lettings team strongly recommend investing in our Rent Guarantee Insurance.

Should your tenant default on their rental payments, you’ll find that the Rent Guarantee Insurance has a range of benefits, including:

• Missed rental payments: Rent is paid in full for 15 months or up to Vacant Possession, whichever is first (up to £50,000)
• Continued cover when vacant possession is obtained: Cver for 75% of the rent for up to three months after vacant possession.
• Expert support when you need it most: The experienced legal and claims tea with our provider will manage the eviction of tenants.
• Cover for legal and claim costs included as standard: Up to £100,000 to cover eviction costs if the tenant is in breach of tenancy agreement.

Speak to Waterfords Lettings today

If you have any questions or would like to obtain a free, no obligation quote for Rent Guarantee or any type of landlord insurance for your investment property then please get in touch with our friendly Lettings team.

01252 235348 | info@waterfords.co.uk