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  • Why Risk Management?

Why Risk Management?

As a landlord the three things that are probably most important to you regarding your let property are:

• finding the right tenant;
• guaranteeing your income; and
• being able to obtain vacant possession of your property when you want it, particularly if the tenant has breached the tenancy agreement.

Risk management is about what steps you can take yourself to make letting a sure thing. It goes deeper than just insurance which simply makes a financial contribution to your loss. Vetting a tenant for their suitability to rent is about minimising the risk of a loss occurring, in the same way as gas and electrical inspections provide periodic review on utilities with a view on prevention. Both are sound logic. Firstly, they will reduce overall costs because even insurance companies pass these back to their customers. Secondly, they avoid the enormous hassle involved in fixing a problem down the line. Emergency Assistance (as found in our Landlords Emergency Assistance product) and Legal Services (as found in our Rentsure Silver policy) are also risk management tools. This is because they both seek to reduce the costs of a loss after it has occurred by using experts to speedily deal with the issue in the most effective pre-planned way.

So, why risk management? Because it makes sense to reduce your potential hassle and maintain as much certainty as you can, whilst keeping your total costs of risk to a minimum.