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Houses In Multiple Occupation (HMO)
You must insure the property you are renting to your tenants. Your building may contain several hundred flats, or you may rent a single home to a family. The property must be insured from your perspective to help protect your investment. The tenant will need their own cover to replace their personal belongings, but you need a policy that is going to help you take care of the bricks and mortar.
Your policy is designed to help you pay for structural damage. Your building is a large space that can incur damage at any time. A house is no different in this respect. The siding on a home could be damaged. The roof may be destroyed during a storm, or the walls may begin to leak because the gutters were damaged during a storm. Anything that causes repairable damage to the building is covered under this insurance.
Also, your tenants expect you to be responsible for repairs. The roof may begin to leak in your rented house, but your tenants are waiting for you to get it fixed. The policy will pay for a repair crew to fix the roof, the walls or the gutters. The same is true in a building with several flats. Each tenant expects you to complete necessary repairs, but you cannot afford the repairs without the help of your policy.
If you take out a more sophisticated policy, you can receive assistance with repairs to your air conditioning, furnace or septic tank. Your tenants do not have the requisite skills to repair these items, and you should attempt these repairs on your own. The insurer may provide coverage that will pay for these repairs in some form. Your goal when renting is to save as much money as possible. A small premium every month will provide you with the repair help you need.
Replacing The Building
A total loss is your worst nightmare, but it is a nightmare you must prepare for. Your landlords insurance policy will pay for the replacement of the building if it lost during a fire or flood. Your tenants will be left without a place to live, and you have lost a major investment. This cover is typically required if you mortgage the property, and you will be in dire need of this coverage if you lose the building. The money provided by your olicy will help pay off any outstanding debts, recoup your investment and many policies will also help with emergency accomodation for your tenants.