According to the Nationwide and Halifax, house prices increased again in March but the number of buyers is still outweighed by sellers
. This could be good news for landlords and could see the number of quotes for home insurance for landlords increase.
As many people remain reluctant to take their first steps onto the property ladder tenants renting accommodation is likely to remain strong. It could also mean that some people looking to sell a property may end up becoming landlords as they wait for a buyer.
Moving into the position of being a landlord requires a great deal of organisation. One area that might cause some confusion is home insurance for landlords.
Getting the Right Kind of Home Insurance for First Time Landlords
Taking out home insurance for a rented property is different to when you would take out typical insurance for your home. For starters, most insurers wont pay out for a claim made on a property that houses tenants, especially if the insurer hasnt been prior informed.
Therefore these house owners will need specialist home insurance for landlords. Much of a home insurance for landlords policy is similar to traditional house insurance cover.
The structure and fixture and fittings of the property will be covered but, most importantly, landlords are protected should tenants refuse to pay rent or there are times following an insured event that it isnt possible to get any rent.
This falls under a rent guarantee as part of a home insurance for landlords quote and is vital for owners to protect their investment.
Because home insurance for landlords is a specialist type of product it is tailored to accommodate most eventualities and potential issues facing a landlord.