Insurance for Tenants and Landlords
The right balance between landlord and resident is vital as they both should be happy with the arrangement.
The tenant wants a place to live they can call home and the landlord wants to know their investment is being looked after.
Something that brings peace of mind to both parties is insurance.
Not many letting agents realise that it is important for a resident to take out contents insurance and a landlord to take out contents and public liability insurance. The landlord should also have building insurance – though, on a leasehold property, this should be covered through the service charge.
While most people are familiar with contents insurance it is surprising how few actually think to take it out to cover themselves when renting a property. The landlord will need public liability to cover themselves for any accidents to tradesman or any other visitors to the property.
As insurance costs from as little as a few pounds a week the difference between it, when compared to the expense if something went wrong, is stark. I also think it says something about the parties involved, that they are taking their responsibilities seriously.
So, in my view, insurance is a must for both resident and landlord.