Do I need cover for legal expenses?
Being a landlord can come with some serious legal costs so you may want to consider legal expenses cover. This cover can be very useful if any of the following issues unfortunately occur:
- Property protection
- Contract dispute
- Tenant default
- Tax protection
- Eviction of squatters
- Damage to the property
- Rent recovery if unpaid
You can extend your existing landlord insurance policy to cover any of the above. If you did have an issue that involved the need for lawyers or court cases then the costs of these will greatly outweigh the increased insurance premium.
Many landlords will avoid taking cases such as deposit deductions to court because of the financial burden but legal expenses cover can help you get justice and can save you money in the long term.