Why Contents Insurance is a Landlord’s Saving Grace

Many landlords will simply look at the insurance they need to protect their buildings. That’s a good start, but many landlords overlook the fact that they will have their own items in there. It’s another expense within the industry, but it’s a worthy expense as a disaster can lead to thousands being paid out of one’s own pocket.

“Someone Said I Don’t Need It”

It’s true that not every landlord will need landlord contents insurance, but they are in the minority. The large majority of landlords will be supplying some of the basic items. It might be linen, the curtains, or it might be the whole place. If anything not attached to the building is present within the property then contents insurance is needed to cover it. The only people who don’t need it are those who rent out empty buildings that tenants are expected to fill with their own items.

Bad Tenants

Sooner or later a bad tenant will slip past all the careful checks and will cause problems. They may damage some of the items already there by ripping them, staining them, or just plain destroying them. They may even take them when they leave. The point is that somebody has to pay for them, and unless the landlord wants to do it then it’s up to the insurance company to do it. And the only way the insurance company is going to do it is if landlord contents insurance is taken out.

Natural Disaster

If the property is in an area where there’s a possibility of a natural disaster then it’s critical that one of these insurance policies is taken out. A flood could easily destroy everything within the building. But if an insurance policy is possessed then all the costs will fall on the heads of the insurance company.

Just remember that if the property is in an area that’s prone to natural disasters that the insurer will charge much higher premiums to match the increased risk. Nothing can be done about this, however what the landlord gains out of it in terms of security is certainly worth the investment.

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