If you’re a landlord with a property that is being used for temporary accommodation, then temporary accommodation landlord insurance is something you should seriously consider purchasing, for your own peace of mind. Regardless of who you rent your property to, there will always be risks. Your property could be vandalised or damaged, you could be sued if someone gets injured on the property, or you could suffer a loss of earnings if the property is left vacant. To cover yourself financially and legally, you need comprehensive temporary accommodation landlord insurance.
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Why is temporary accommodation landlord insurance important?
As a landlord you face legal and financial risks. Your property could get vandalised, either by the tenant or a third party, or the property could be damaged by a fire or a flood, or damaged due to extreme weather conditions, or your contents could get stolen or damaged. Which means, if you don’t have insurance, you could end up having to pay for repairs to the property to make it liveable again, causing you a financial loss. Without insurance for temporary accommodation landlords you could also face a financial loss for legal fees or compensation that arises from legal action that is taken against you if someone were to get injured on your property, or if you somehow caused damage to someone else’s property.
What is insurance for temporary accommodation landlords
Insurance for temporary accommodation landlords includes an abundance of services that are designed to provide you with a fully comprehensive cover that protects you in every eventuality. This includes:
Loss of rent: if for some reason you are unable to rent your property, or you find it is left vacant, you will suffer a loss of rental payments. This landlord insurance for short-term rental properties is designed to protect you from any financial loss you would suffer in this eventuality.
Building and contents: an insurance for temporary accommodation landlords service that is designed to protect you from in the event that your property or contents are lost, vandalised or damaged due to a fire, flood, or extreme weather. This insurance will help you to cover the costs of repairing or rebuilding your property and/or replacing your contents.
Business interruption: this property insurance for temporary accommodation covers you financially for a loss of business income, for example, if your property becomes uninhabitable due to damage to the property.
Legal expenses: comprehensive landlord plans for temporary accommodation that gives you cover for legal fees and any compensation awarded for any legal issues that arise. For example, if a third party or a resident of the property were to sue you for compensation after injuring themselves on the grounds of your property.
Public liability: landlord insurance for short-term rental properties that provides financial protection in the event of a public liability claim.
Benefits of Temporary Accommodation Insurance:
There are lots of risks to owning a property which is then used for temporary accommodation, from damage to the property or contents in the property, to a loss of rent. Having secure temporary accommodation property insurance in place protects you from any financial loss these risks could potentially cause. With this kind of insurance, you’re covered for any legal fees and/or compensation claims from legal claims, you’re also covered if your property or contents are damaged or stolen, which means you will be able to repair or replace these at no extra cost to you, and if you were to suffer a loss of rent or business interruption, you wouldn’t lose any income for the duration your property is vacant. All of these risks could potentially be costly and have a significantly negative impact on your finances. Secure temporary accommodation property insurance gives you peace of mind that you are covered financially if any of these unexpected risks threaten to negatively impact on you.
Who Should Consider temporary accommodation landlord insurance?
Property insurance for temporary accommodation is the perfect insurance solution for all temporary accommodation landlords and property owners who are allowing their home to be used as temporary accommodation. This insurance provides a high level of security and a peace of mind to landlords.
How to Get Started:
If you are interested in applying for short-term rental property coverage, or if you would like to know more information to make sure this is the right policy for you, contact one of our expert advisors. Our friendly team will provide you with a free, no-obligation, quote that is tailored to you, and we are happy to answer any questions you might have regarding this type of insurance. You can contact us by sending us a message through our online contact form, or calling us on 0121 679 7265.
Landlord insurance for short-term rental properties FAQs:
- How much does property insurance for temporary accommodation cost?
- What is the minimum cover I need?
- When do I need to get landlord insurance for short-term rental properties insurance?
The cost of this insurance will depend on your risk factors and what level of insurance you choose. Smaller levels of cover will cost less, however, you won’t have as much coverage. Properties that are higher risk and/or have more extensive coverage, will cost more. An insurance provider will be able to guide you in the cost in more detail after asking you a few simple questions.
Just like with costing, the level of cover you require will depend on various risk factors. To find the most suitable level of cover for you, you should contact a reputable insurance company who can understand your business and determine a level of cover to fully protect you.
You should make sure you have buildings insurance from the day you take ownership of the property, insurance for temporary accommodation landlords should begin (at the very latest) on the day that you begin to allow your property to be used as temporary accommodation.
For a personalised and free no-obligation quote, contact a member of our team on 0121 679 7265 or send us a message through our online contact form. We are on hand to answer any questions you have and help you find the best insurance policy for you.
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Underinsurance and the Average Clause
Did you know underinsurance can seriously affect your insurance claim and therefore can be devastating to business and individuals this makes it very important to make sure you have the proper coverage you require.
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