Cover yourself against loss of rent
Unfortunately for landlords, sometimes tenants can be unreliable and leave you footing the bill for unpaid rent. To protect yourself from this, you’re going to want to include rent guarantee insurance as part of your landlord insurance. This add-on can cover periods of unpaid rent, keeping you in the black and providing peace of mind against your tenants letting you down. Of course, you should always be careful as to whom you let your property to, moving us nicely on to…
Vet your tenants for cheaper landlord insurance
Insurance companies will want information regarding your tenants when quoting you for insurance cover. They’ll look out for things such as low credit ratings – a warning sign of irregular income and also things like criminal records. If your tenants perform poorly, you’ll be left with higher landlord insurance premiums. To avoid this hassle, be picky about whom you decide to rent your property to. Finding great tenants will save you drama throughout their time in your property and leave you with cheaper insurance to boot.