Renting out properties comes with many benefits to the landlord, especially if it is in a good location, in a major city or town, is well-appointed, in good condition, and is available at a good rental. For this rent, the tenant expects good service and ensuring that the appliances provided are in good working order. Besides this, the landlord is also responsible for providing uninterrupted power and water along with drainage, working appliances, fittings and furnishings in the property. This can be quite overwhelming if something goes wrong, and finding someone to handle the repairs is not successful. 3 important issues are pertinent;
Covering Potential Problems
Keeping tenants happy is hard work, especially if there are unexpected problems with plumbing, electricity and/or water supply, drainage, heating system, roofing issues, etc. This requires immediate action, and it would be easier for the landlord to pass on this burden to a service provider that has the capability to handle all these issues. These potential problems can also be quite comprehensively covered by landlord insurance with home emergency cover, but selecting a reputable and well-established service provider is vital in a very competitive industry. Annual premiums for home emergency cover are low cost, with a limit of £1000 per claim.
Basically, landlord insurance with home emergency cover helps to protect the owner’s property in question as well as any tenants renting the property against a potential loss of utilities and/or other essential services. It also serves to insulate the landlord from day-to-day emergencies like unexpected heating, plumbing, blockages or drainage problems, security issues, pest control issues, lost keys, as well as domestic power or water problems. Some even provide the cost of emergency overnight accommodation in the event the property becomes uninhabitable due to service breakdown or security issues. Well-established and experienced insurance firms do not make any restriction on the number of claims made annually under the home emergency coverage.
In many cases, trying to get the best possible rent, the landlord may not have the opportunity to pick and choose whom the property is being leased to. They may have to deal with different types of tenants, which could range from professionals to students. The only provision is that they have the ability to pay the asking rent on time and keep the property in reasonably good condition. The landlord insurance with home emergency cover makes no distinction on who rents the property, but it covers the landlord against a list of unexpected disasters that could potentially occur in the property. They also cover properties that may be currently unoccupied but could face any of the potential emergency issues suddenly.