Home Insurance, Landlord Insurance and Unoccupied Property Insurance
Property insurance is there to make you financially whole after a loss. By paying a relatively reasonable amount to a property insurance provider, you are assured that you can remain safe from the burdens that you could face during uncertain loss in the future.
For instance, you have your own home. It’s up to you if you want to have it for rent, vacate it, live there or sell it. However, if there is some kind of accident or mishappening such as theft, fire, or weather damage and you don’t have insurance, you are the only one who would bear all your losses.
This is where the importance of property insurance comes in. There are various types of insurance that could be applicable to your home. If you have a house that would be vacated for a month or more, then you must ensure that there is right property insurance in place.
Since you will be leaving your house for more than 30 days, it will be more at risk for burglary or vandalism. Aside from that, unpredicted cases such as fire or tripping of electricity may happen in your absence. During these periods, getting unoccupied property insurance could help you have peace of mind while you are away from your home.
Today, homeowners are turning to property investment for additional income. If you have a residence for rent or part of it is for lease, then getting a standard policy that could cover you is essential. Landlord Insurance would guarantee coverage during times that you are prevented to earn an income from your property.
However, there are coverages that can be included depending on the contract such as legal dispute between a tenant and the landlord, property damage or in the event that the tenants did not pay their rent. In UK, the most common policy is Home Insurance . Also called a property policy, it can pertain to contents insurance, building or both.
Property plan provides homeowners payment during various circumstances such as theft, fire, or damages brought about by natural elements. The amount of payment for covering the loss will be based on the current rebuilding cost.
The policy will pay for the amount of the contents in your home including appliances, furniture, clothing, jewelry, electronics, etc and how much incidentals would be incurred such as the cost of your temporary dwelling during the repair period.
Property insurances are there to secure you and your life during unexpected situations. It protects you from adverse consequences brought by unpredicted man-made or natural incidents. So don’t waste time leaving your home empty without any policy in place, protection would be better always.