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Owning a rental property can be an excellent investment, but it inevitably comes with risks when renting to people a landlord doesn't know.
Landlords will be footing the bill if things go wrong with tenants or property.
Mitigating potential losses, and understanding these risks, is essential to success as a landlord if there is an accident. Standard home insurance will not be enough.
A house insurance policy may offer some cover for a rental, with a standard house policy covering the property's structure, says Richard Godman, Vero Insurance manager technical underwriting, consumer insurance.
“Typically, though, it won't cover any furniture provided for tenants’ belongings – as a rule of thumb, it will only cover anything that is permanently affixed to the house such as a fitted kitchen, a bathtub or the carpet.”
As high interest rates and rising council and insurance costs bite into landlords’ incomes, one of the most asked questions by property investors is do they need specific landlord insurance for rentals.
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