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February 14, 2025 – Published in Design & Decor Autumn-Winter 2024 issue
Lease your rental property safely and responsibly!
The local market for home rentals is constantly expanding, and one sure way to avoid losing money from your venture is to invest wisely in a comprehensive Landlord Insurance policy that will cover your lease more suitably than traditional home insurance.
A prudent landlord should choose a policy that caters specifically for rental property.
Being a landlord can be a full-time job, which often involves handling your tenants, taking care of maintenance duties, and keeping track of changes in rental procedures and legal obligations. It is crucial to preserve your operation and ensure peace of mind for all parties concerned, including yourself and your tenants.
Landlord Insurance will provide you with the appropriate protection should any unexpected circumstances arise. This type of insurance includes covering your building and its contents, avoiding financial deficit by guaranteeing rent payments, and protecting your legal liabilities.
So, what could go wrong in a rental contract?
Your building and its interiors may suffer physical damage in several ways, including, but not limited, to natural disasters—such as flooding, storms, or fire—being wilfully vandalised, or having any contents damaged or stolen. If the house is rendered uninhabitable after a considerable loss requiring reconstruction, a landlord could lose even more money if tenants need to move out while the property is undergoing repairs.
To offset any eventuality, choose an insurance policy that will protect personal liability as well as your property in its entirety, including its furnishings, fittings, and all its contents. Both landlords and tenants can apply for contents cover, so as to be able to quickly repair or replace any items at lower costs.
As a landlord, you should opt for rental indemnity to compensate for breaches of contract or negligence from your tenants, especially if they vacate the house before the contract expires or fail to pay the rent. Other policy sections include liability coverage, which will safeguard you and cover subsequent legal and medical expenses if someone decides to take you to court after suffering injury within the premises. Additionally, you may opt for home assistance coverage which contributes 24/7 emergency services and repairs that will secure the property in the case of unforeseen circumstances.
Landlord Insurance is a wise and beneficial financial investment for both landlords and tenants.
You are more likely to attract tenants if they know you have insured the place they consider their home, because you are reassuring them that unexpected events will have less impact on their everyday life.
Furthermore, with Landlord Insurance, you can rest easy, knowing that you are preparing for any unfavourable costs that may arise if anything needs replacing or reconstruction. Whether you are leasing a house, an apartment, or an entire block, the right policy will be your far-reaching reinforcement if—or when—disaster strikes.
Do you need help in choosing the best Landlord Insurance policy?
The professional team of experienced brokers at My365, a licensed branch office of Jatco Insurance Brokers PCC Limited, will offer you their guidance
and apply their expertise to help back you up with the most appropriate policy, tailor-made for you and the property you are leasing. With their assistance, your rental assets will be protected, and you will be able to withstand any unforeseen expense by thinking ahead for the future.
Reaching out to help clients reliably with their unwavering commitment to providing efficient and personalised service, the team will always stand by their mantra: “My365—Today, Tomorrow, Together”.
My365, Branch office of Jatco Insurance Brokers PCC Limited, 100, Independence Avenue, Mosta MST9026
+356 2142 0000
Jatco Insurance Brokers PCC Ltd (Company Registration No. C9233) is a company authorised under the Insurance Distribution Act Cap. 487 to carry out insurance intermediaries activities, licensed to operate as a Protected Cell Company in terms of the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, 2010 and is regulated by the Malta Financial Services Authority (MFSA, Mdina Road, Zone 1, Central Business District, Birkirkara CBD1010 Malta). Enrolled in the MFSA Brokers List BL/002.
