Landlord insurance offers specialist cover for your rental property – and ultimately protects you from any associated risks. But as a landlord, should you be looking for a special type of insurance?
In short; yes. Recent studies have suggested that around a third of UK landlords don’t actually have the correct insurance for their rental properties – meaning that if they need to make a claim; they might not be covered. Here’s all the landlord insurance information you need…
Do landlords Need insurance?
If you are the owner of a rental property, or multiple rental properties; landlord insurance will give you the peace of mind knowing that your asset/s are protected when you have tenants living there – and even when your property is vacant. Do landlords need insurance? No. Should landlords get insurance? Yes.
Is Landlord Insurance Compulsory?
Whilst it isn’t actually a legal requirement that you have landlord insurance, if you have a mortgage on the property you are letting out, it’s likely that your lender will require you to take out a buildings insurance policy.
But a standard home insurance policy will not ordinarily cover you for any associated risks on the rental side. So it is highly advisable.
Not only is it advisable – it’s important to make sure you’ve got the right landlord insurance in place.
What does landlord insurance cover?
Landlord insurance will ordinarily include buildings and contents insurance; but different policies will provide you with different areas of cover. A policy will most likely cover situations like:
- loss of rent
- damage to your property
- claims made against you if someone is injured or their property is damaged
What landlord insurance do I need?
You will find that there are different types of landlord insurance available to you that will cover different risks, so it’s important to research your options.
- If you are letting a furnished property, or there are valuable goods inside – it’s probably a good idea to buy landlord contents (or fixtures and fittings) insurance to make sure your possessions are covered.
- Tenant default insurance will ensure that you are covered for potential periods of time within which your tenants don’t pay their rent.
- You can also opt to add extra covers such as accidental damage insurance land legal expenses c what it is exactly that you are looking to protect.
Don’t forget Your Property Inventory!
It is essential that you employ the services of a professional inventory company to provide you with a detailed and extensive list of the items within your property, the condition that they are in – and the condition of the property itself (prior to your tenants moving in). This is one of the surest ways you can protect your property and make sure any claims that may arise will stand up in court.
Let us Assist you
Are you a landlord in London looking for a professional property inventory company? We are London’s highest rated property inventory company and the AIIC’s best full member 2019 and offer a range of property inventory services for landlords. Get in touch to book us today to find out why. We have special offers for new agents and landlords