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Under the so-called Rent a Room scheme, the government grants tax concessions to homeowners and others who let a spare room in their homes to a lodger.
What is live in landlord insurance and what does it cover?
If you have decided to take in a lodger, you effectively become a live-in landlord. Indeed, the principal distinction between a lodger and a tenant is that the former shares much of the accommodation (bathroom, kitchen and often the sitting room) with a live-in landlord, whilst a tenant typically occupies self-contained accommodation.
Insurance is needed whether you are in receipt of rent from either tenants or lodgers, but there may be specific risks associated with a lodger sharing your own home:
theft may be a particular concern, for example, since your lodger may have access to the whole of your home, without needing to break in or attempt to break into it;
liability insurance is also necessary to indemnify you against the risk of your lodger injuring themselves or having their property damaged and holding you liable as their live-in landlord;
the risk of accidental damage to your own possessions and the contents of your home is likely to increase when you have a lodger living there; and
the risks increase, of course, the more lodgers you have sharing your home.
Why may you need lodger insurance?
The unique nature of the risks associated with a lodger living with you means that other forms of home insurance are unlikely to be sufficient or appropriate.
Specialist live-in landlord insurance is necessary because neither standard home insurance nor landlord insurance (designed for property you let to tenants) is likely to cover the risks you face.
If you are yourself a tenant – and have gained the permission of your landlord – you, too, might take advantage of the Rent a Room scheme. In that case, you might be even less familiar with the scope of or need for property insurance and live-in landlord liability cover – yet the same risks remain when you have someone lodging with you.
Whether you are a homeowner or tenant and are sharing your home with one or more lodgers, therefore, you might want to give serious consideration to your need for live-in landlord insurance.
Why choose us at UKinsuranceNET?
Any kind of property insurance is a serious and potentially complicated matter. The complexities are compounded by the fact that there are so many different variations, with each type of insurance specialising in the particular protection you need when living alone in your home, letting your property to tenants or taking a lodger into your own home.
Here at UKinsuranceNET, we have the experience and expertise to recognise when specialist forms of insurance are needed – and that extends to the unique requirements for lodger insurance and the protection it gives.