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Simple guide to landlord insurance

When it comes to renting a property, a normal house insurance policy simply won’t cut it. Here’s a simple guide to landlord insurance and please don’t hesitate to get in touch should you need to speak with an expert or get a free no obligation quote.

Firstly, do you really need landlord insurance?

You’re currently under no legal obligation to have a valid landlord insurance policy in place although your lender may require this as one of their stipulations in financing your investment. Equally, your duties as a landlord may be best served by an insurance agreement, especially if you want to avoid putting your financial future at risk.

Why not a normal home insurance policy?

If you have a home insurance policy and are currently renting, you’ll likely invalidate your policy this is because in insurance terms, you are classified as a business meaning more specialised cover is required. Whilst landlord buildings insurance is similar to home insurance, you’ll receive benefits such as longer vacant periods. You’ll also be able to tailor your cover more specifically to your requirements such as including rent guarantee insurance.

What are the different types of cover?

Landlord buildings insurance

This is the base level of cover available and is the most similar to a home insurance policy. This product is designed to repair or rebuild your rental property if it’s damaged by fire, flood or vandalism.

Landlord contents insurance

Covers any items in your rental property that belong to you such as white goods and furniture. This policy can pay for the repair or replacement of these items although it will not cover the tenant’s belongings – it’s up to the tenant to take out an insurance policy.

Property owner’s liability insurance

Covers you if someone has suffered an injury or their possessions were damaged in your property which you were being held responsible for. If they took you to court, the legal fees and compensation payment could be costly. Think of it like this, if a tenant (or visitor) tripped on a broken floor tile and injured themselves, this insurance policy could prevent financial loss up to the limit quoted.

Remember, renting our your property to strangers can be a risky business and things don’t always go to plan, so it’s important to find a flexible landlord insurance policy that suits your requirements.

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