Landlord protection insurance- why you need it
Despite conducting rigorous background checks on tenants, it is impossible to always predict their behavior or foresee changes in their circumstances. It is for this reason that I highly recommend that all landlords have a Landlord Protection Insurance Policy in place.
Some Landlord Protection Insurance Policies cover both public liability as well as building and contents insurance (contents such as floor coverings, light fittings and window treatments may not be covered by regular building insurance policies). But most importantly, Landlord Protection Insurance may cover any loss of rent resulting from damage caused by a tenant or loss of rent from absconding tenants.
There are many policies available from a wide range of insurance providers, each with various features. As each policy will vary, make sure you thoroughly check the features and know what is covered by the policy you choose.
Generally insurances are classed as an expense associated with managing your investment property and may be tax deductible.
If nothing else, Landlord Protection Insurance will provide you with the peace of mind knowing that your investment is protected – hopefully you will never have to make a claim.