Being a landlord and owning rental properties can be highly profitable, but it also comes with risks. You have a mountain of responsibilities associated with your property and your tenants and it’s up to you to protect yourself.

So, how can landlords protect themselves? We know it can be hard to keep track of what you can do. Luckily, we’ve put together a short list of things to consider…

Landlord insurance

By renting out your property, you’re entrusting the tenants to take care of it. Tenants can have good references and seem reliable, but they may not always fulfil these expectations. As a property manager, it is your responsibility to manage your tenants and any issues that may arise.

Landlord insurance protects landlords from the risks associated with rental properties. There are a variety of landlord insurance policies available and it’s important to consider investing in them to help deal with tenant issues. 

• Buildings insurance - Covers the cost of repairing or rebuilding your property if it’s damaged in a fire, flood, storm, falling trees, or vandalism. It will also cover malicious damage by tenants.
• Contents insurance - Protects the contents of the property against theft or damage. 
• Loss of rent - This covers the loss of rent if your tenants are unable to stay in your property as a result of an insured event, such as damage from a fire or flood.
• Rent guarantee - This ensures that the landlord receives a monthly rental income despite a tenant’s rent arrears or non-occupation of the property.
• Landlord liability insurance - Covers for any injury to third parties or damage to their property. As a landlord, you are responsible for ensuring your property is adequately maintained so that these issues do not occur. But if they do, this insurance is in place to cover it.

Benefits of landlord insurance:

• Safeguards your income
• Covers costs of legal expenses
• Protects against damage
• Flexible policies
• Gives you peace of mind

Deposits

It is expected that a landlord will request a tenancy deposit from every new tenant who moves into their rental property.  This safeguards against any potential damage that may occur throughout their tenancy. The tenant’s money is also protected under the deposit protection scheme.

If the tenant causes any damage to the rental property, the reparation costs will be taken from the tenants’ deposit. This can act as an incentive for tenants to treat the property with care otherwise they will lose money from their deposit.

Landlord inventory

An inventory details the contents and conditions of a property. It’s important as a landlord to have an inventory because it holds the tenants accountable to anything that may happen to the property. It has to be signed by the landlord and tenant, as part of the tenancy agreement.

The purpose of an inventory is to assess any damage to the property since the tenants have occupied it. This way, any charges for damage can be taken out of the tenant’s original deposit.

Landlord inspections

Every landlord is different, and it’s up to them whether they conduct regular inspections of the property. If you want to take every precaution to ensure that your property is being treated and maintained properly by the tenants, you might want to consider having inspections!

You must provide the tenant with sufficient notice if you intend to conduct an inspection. The inspection also must be arranged at a convenient time for the tenant.

Having inspections may also help you build rapport with your tenants. Good communication through regular inspections will also make it easier if issues arise in the future.

How LetsInsure Can Help

If you’re a landlord looking for ways to protect yourself, your property, and your income, LetsInsure is here to help. At LetsInsure, we offer a range of professional services to landlords across the UK. If you’ve ever wondered ‘how are landlords protected?’, you’ve just found your solution.

We understand the importance of protecting yourself against unexpected issues as a landlord. With Rent Guarantee Insurance, Home Emergency Assistance, and Deposit Replacement Insurance, LetsInsure is here to assist you. 

You can sign up to our services for free or contact us with any questions you may have and we will be happy to help!