queryThere are more and more people becoming landlords for the first time and if you are one of them, you may be asking yourself whether or not you should get landlords insurance. There are many reasons why you might be asking this question so let’s run through them.

You have house insurance in place already and have no need to change. Wrong! House insurance will normally only cover the property with you living in the home as your permanent residence. Although a landlords insurance policy will cover pretty much the same risks, you need to change your policy over otherwise your cover may be invalid.

You are trying to save money. That’s fair enough but what will happen if the house burns down or there is a water leak. Even the most minor of claims will normally exceed what you can expect to pay for an insurance premium. It’s a risk not worth taking. If you are thinking of saving money by not taking out insurance, it is likely that you won’t be able to afford to rectify any unexpected problems at the property.

It will never happen to you. You may be right, and we hope you are but there is no way you can know if it will happen to you. Even if you look at odds or percentages and are a gambler in terms of taking out insurance or not, how do you know whether a fire will break out in your house and burn it to the ground tomorrow or even tonight?! Try not to take this too seriously as the chances are it won’t be you but you have to ask yourself, “what happens if it is me?”.

The bottom line is, if you are asking yourself whether you should get landlords insurance, the answer is YES!!! There is no reason not to get a landlord policy unless you are in fact not a landlord in which case you should instead be asking, “why am I reading this article?”.