Whether you’re a landlord operating in one of the property market hotspots, or you’re a little bit of a novice landlord who’s just getting their feet wet in the waters of property rental, it’s now more important than ever to take out landlord insurance. This is because the number of people becoming landlords is increasing because everybody wants a slice of the tenancy money pie.
For you, though, what this means is that you’ll need to do more to ensure that the quality and benefits of your property outstrip those of your competition, and one of the best ways to do this is through a good insurance policy such as the ones offered by Simple Landlords. If you’re not convinced, read on to discover why it’s become a crucial expenditure.
No Legal Obligation, But Good Old Fashioned Common Sense
If you were wondering whether landlord insurance is a legal prerequisite to being a landlord, it isn’t. However, it makes logical and common sense that it is compulsory if you want to be a good landlord. Ultimately, landlord insurance will save you a lot of financial hardship in the future if a serious problem with your property does occur, and for this reason, it wouldn’t make much sense to be a landlord without it.
Ensuring the Safety of Your Tenants
Following on from the last point, the safety of your tenants should be one of your top priorities – even for the sake of human compassion, if not for the fact that they’re the ones paying you an income each month. Therefore, there’s a number of different reasons why you might want to take out landlord insurance. Obviously, you can use it as a selling point to attract potential tenants because it shows you care about their safety.
Ticking all the Boxes
Finally, it’s important that you take all the relevant steps to tick all the necessary boxes before you put your property on the rental market and advertise for tenants. Although it’s not compulsory for you to take out landlord insurance, it would look like a great additional benefit to tenants alongside your (compulsory) energy performance certificate and your annual gas safety check.
As you can see, there are plenty of reasons why purchasing landlord insurance should be high up on your list of things to do if you’re looking to attract tenants to your property. So now that you know the relevant information, is now the right time for you to be investing in landlord insurance?