I intend to mostly live abroad once my 3 BTL properties are secured.
During the last 5 years, when I've rented my own house, I've paid for a fully managed tenancy. I'm now considering what additional insurances to take out as I mostly won't be here to sort out any potential problems. 3 houses in a fairly rough area; I do expect some problems.
I'll certainly take out rental insurance which, as I understand, covers non-payment of rent while the tenant is still in occupation, providing that the tenant has been adequately vetted. Do I have that right, or could you expand maybe?
I'm interested in taking legal cover too. Would I be correct in assuming that this would cover processing legal action for potential rent debts, including representation in court if necessary? And would this also cover taking legal action to recover losses for damage, if the deposit didn't cover this?
Is there any other insurance you'd take out, if security and peace of mind is your main priority, rather than a few pounds difference in profit?
One final question: Can these insurances be bought 'packaged' with buildings insurance, perhaps at an overall lower rate?
Thanks for your time in reading this, and any replies.