Do I really need Landlord Insurance?
A recent scenario in our office really emphasised how essential Landlord insurance really is. Whilst this particular story would have to be rated as “worst case scenario”, isn’t that why we get insurance? Regardless of how rigorous we make our screening process, peoples situations can change and this one did, rapidly.
This particular couple were model tenants, who ticked all the boxes. They looked after the property well and both had full-time employment. Until the breakdown of their marriage causing the wife to move out of the premises, whereupon rent stopped being paid and the tenancy became unstable.
Over the three-month period it took to evict the tenant, which included court hearings and finally a Bailiff to change the locks the total loss to our owner could have been nearly $13,000!!! Loss of rent alone was $3,600, the owner being denied access $4,400 plus cleaning, bailiff and Court costs all mounted up. We were able to process the claim directly with the insurer and the turnaround time to process this claim was two weeks.
For depth of cover and the ease with which we were able to claim on that policy was very reassuring and we highly recommend checking out how your current Landlord Insurance policy compares.
Contact us for an up to date comparison of leading Landlord Insurance policies as the level of cover varies greatly between insurers.