When your property, that’s insured under a landlord insurance cover policy, is subject to damage by fire the insurance firm takes steps to have it restored within months, this is dependent on the extent and amount of destruction. The rent may be paid under the loss of rent cover for the period of the repair and restoration work until the property is habitable. This makes landlord insurance beneficial to cover to your financial commitments in relation to the property.

It is interesting to note that homeowner insurance is comparatively cheaper than landlord insurance. This is owing to the assumption, and sadly all too often true fact, that if you are renting to others without living at the property there are often incidences of the property being abused, hence raising the number of claims. This situation applies even for non-furnished property. It is not simply the furniture that can be damaged but the property itself does get subject to abuse in a way that would not be the same were you living in the property yourself, taking care to maintain the property, however you should still periodically undergo maintenance checks and updates on your property as a landlord. Unfortunately others do not take as much care as you would do yourself and this fact is results in the different types of insurance products and their costs.

Different insurance companies do of course have varying forms of cover and prices, so it is worth checking these out according to what you will require. Doing some simple things can help like installing fire alarms, burglar alarms, dead lock door bolts, key operated window locks etc. Interestingly if the tenant is at home a lot and a non smoker can be factors that are weighed up in the quote and can count towards potentially cheaper insurance, since the risks for claims reduces with these types of features.

For those of you that have more than one property for which you require landlord insurance cover, then there is no need to take out separate cover for each one. Simply talk to your insurance provider and obtain a single quote for your portfolio. If you currently have your properties on more than one policy you should be able to transfer each individual one onto a master policy which could mean you get a better deal on your landlord insurance

At worst not having landlord insurance can turn out to be a nightmare should the building and /or contents be subject to damage or destruction. It takes just one incident for your returns to become severely affected. It is well worth going the first step to inquire about taking out the most suitable insurance cover for your needs.