As a medical or dental professional, you might have, or be considering, property as part of your investment portfolio. Managing this portfolio well is obviously important, particularly as this likely forms part of your retirement plan. If you rent out your property then you should consider your obligations as a landlord – and this includes landlord insurance.
Although homeowner insurance covers buildings and contents, a landlord insurance policy covers a lot more, perhaps even situations that you have not considered.
For example, as well as what is covered under a traditional home insurance policy, landlord insurance can protect you against:
- Property damage from a tenant
- Non-payment of rent
- Loss of rent following an insured incident
- The cost to rehouse tenants if the property is uninhabitable
- Liability for injury from accidents at your property.
Apart from these additional benefits, your buy-to-let mortgage lender might also request that you invest in landlord insurance as part of their terms – one reason being that a general home insurance policy will often not cover your property if it is being rented out.
While getting a superior level of cover might seem like an unnecessary extra, it will give peace of mind and provide support if things go wrong.
Getting the right advice when choosing your insurance policy is key
You should discuss your particular situation with your broker who will be able to advise on the best level of cover for you. Together with your insurer, your broker should also be able to give guidance and tips to help you keep your property safe and secure.
Although you can choose a policy without a broker, as a busy professional, you don’t have time to trawl through various options, trying to work out which one gives the most suitable policy for you, at the best price. This is where a broker is invaluable.
And as research suggests that regularly changing your insurer can save you money, having a broker to help you through each renewal period will often save time, money and a lot of stress!
Comparing landlord insurances
There are various levels of cover available, and speaking to a broker will help you find the most suitable policy for the best price. If you have a number of properties, you might find that covering all of them together is cheaper than individual insurance cover.
The type of landlord insurance policy you will need depends on a number of factors, such as who you will be renting to. Insurance for student tenants, for example would be more expensive than for single professionals. You can also choose specific cover for an unoccupied property.
Talk to us about your landlord insurance
At All Med Pro, our brokers specialise in insurance for medical, dental and veterinary professionals.
This means that we know what questions to ask to help you choose the right cover, and we have access to insurance policies dedicated to your needs.
Talk to a member of our team about choosing the right landlord insurance for you.