When choosing tenants for your rental property, it’s important to ensure that you are selecting individuals that have a good track record and that you can trust to fulfil their responsibilities.
You want tenants who will make rent payments on time, every time, and who will be courteous and respectful throughout your relationship. Furthermore, you also want to ensure that your renters will keep the property in good condition, and won’t cause any significant damage that might decrease the value of your investment.
For this reason, it’s often a good idea to invest in a professional property management agency, in order to ensure that a thorough tenancy applicants screening process is in place. This way, you can ensure that all potential tenants are assessed based on their past rental history and individual merits.
That said, there is always the chance that your carefully selected tenants will do something unexpected and unwelcome – such as causing significant damage or stealing parts of the property that belong to you, the landlord.
It’s in situations like this that you will be thankful that you had landlords insurance.
What does landlords insurance cover?
Insuring your rental property with landlords insurance will give you peace of mind and security, knowing that your valuable investment is covered for any deliberate damage inflicted by a tenant.
This can include malicious vandalism and larceny, and can cover both the property itself, as well as any contents which belong to the owner, such as furniture, carpets and light fixtures.
If damage caused to the building is so severe that it cannot be rented out until repaired, than landlords insurance can also extend to cover the amount of rent you would have been able to receive otherwise.
It is also important to note that some coverage under a landlords insurance policy – such as malicious damage by tenants and rent default – can only be obtained whilst the property is professionally managed. This is another reason why contracting a professional property management service can often be a worthwhile investment.
Here at MGA we can tailor your landlords insurance policy to meet your individual needs and requirements, so if you would like more information, get in touch with a professional MGA insurance broker today.