When you own a property that you rent out, one of the most important aspects of that is getting yourself the right insurance cover.
It's as important as making sure that you have the right home insurance.
That's when you will need to take out Landlord Insurance.
Being a Landord can quite often be treated like running your own business.
If you have multiple properties you will need to make sure that every property is covered, very often people with multiple properties group all their properties together into a limited company.
If you're treating your property this way then it is obviously important to have the tight type of Landlord Insurance.
When people live in your property you are responsible.
You're the one who is meant to maintain it and keep appliances safe.
Sometimes though the unexpected might happen, accidents occur and your tenants might make a compensation claim against you.
If this is the case then taking out Landlord Insurance would have been the best thing you could have done because you may well be covered for the claim made against you.
Tenants in your property might choose to take out their own contents insurance to cover their belongings and personal possessions but you need to cover the property that they're living in.
Most of the time you should have had all the correct safety checks on your property anyway so appliances not working or becoming faulty shouldn't be a problem.
Things do happen though when you're not expecting them to so it's always best to protect against these things.