So you are thinking of becoming a landlord? Great! Today unfortunately it is not quite as easy as putting an advertisement in the paper, finding tenants, then all done you start collecting the rent. Today there are a lot more legal issues involved, landlord insurance to pay and safety regulation guidelines that all need to be looked in to.
So why let out your property?
There are lots of different reasons for people to rent out a property. Sometimes people are traveling overseas so they rent out there home to give them income while abroad or sometimes properties are brought as real estate can be a good investment, another way to save towards retirement, as a higher earning savings scheme if brought right or as another stream of income. No matter what your reasons are to becoming a landlord you will need to make sure you are covered in all the right areas.
Rented property managing tips
Being a landlord can be stressful at times if you are not sure what you need to cover and protect you in case things go wrong, however finding a company that can guide you in the right direction will help you along your way and make your life easier.
Landlord Insurances for Building and contents
You will need to have building insurance to cover you against any repairs that need doing or damage to the property. If you have furnishings in the property these will need to have some contents cover in case they are accidentally damaged.
As a landlord you also need to have landlord insurance to cover you should your tenants or visitors suffer any injury because of your property. Having landlord insurance will cover and protect you should your tenant make a claim for any injury they have incurred or suffered from your property so is a must in today’s day no matter if you property is rented out commercially or residential. You as the landlord have certain liabilities to protect your tenants and their visitors as well as members of the public should your building be commercially rented out.
Mortgage provider responsibilities
If you are renting out a property that you are still paying off a mortgage on, you need to let your mortgage provider know. In the terms and conditions of your mortgage there is often a legal obligations for you to inform the provider should you property no longer be used personally by yourself.
At the time when you took your mortgage out if you took out a specific ‘buy-to-let’ product you will not need to worry but if you didn’t take this out at the same time your took out your mortgage your provider will need to change the terms to include this otherwise the provider may insist on you re-mortgaging your property to add in these new terms.
As a landlord you may not realise all your responsibilities and what you need to cover yourself for, this is why having landlord insurance will cover you for all those unexpected issues that may arise to protect you and your property. Read more in our landlord insurance guides or get a quote now.
