Contents Insurance for the Landlord of a Fully Furnished Letting
Contents insurance is definitely going to be more expensive for the landlord of a furnished letting. Unfortunately, this is because of the way that the price of landlords contents insurance, and all other forms of insurance, is based on the risk. The risk that a person will have their property damaged or stolen is obviously far lower if they are living alone in their own home than if somebody is is living in their home. A renter could quite easily damage furniture that is part of the letting, or items that are built into the letting, such as appliances. The insurance will be even more expensive based on the number of people who are in the family renting, or if the building is let out to more than one family.The price may drive many people to choose not to get contents insurance for their property. However, this is not a smart decision. First, contents insurance is typically bundled with homeowners’ insurance, meaning that the prices will be combined. Obviously you can’t decide to not get homeowners’ insurance. Even if you no longer have a mortgage, and therefore are no longer legally required to have it, the cost of not having it would be far worse, especially if disaster occurs in the form of a fire or the like.Also, contents insurance is far more important than many people recognize. Most people don’t realize how many features they get with their contents insurance. This form of insurance may cover anything from legal fees related to your house to the gardener and housekeeper. Furthermore, as this question refers to a furnished letting, you don’t want to put your valuables at risk. Erring on the side of caution is definitely the smarter decision.
