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Do I really need landlord's insurance?

If you own a property to rent, you may want to think carefully about taking out a policy for landlords. This is very different to standard home insurance, and it provides many extras that may give you greater peace of mind that your property is fully protected.

Here are a few of the most important reasons why you may need to consider it:

  • if you have a mortgage on your let property, then as part of your contract with the loan company, you will need adequate let property insurance, to protect both their and your investment;
  • you may think that just because you are letting out your property you do not have to get cover for the contents. If you are letting the property out as unfurnished, this will be the case. However, if you are letting out a furnished building, or even a semi-furnished one, it may contain items that you own, including a cooker, carpets, or furniture such as sofas and chairs. In the event of damage – such as fire or flood – without landlords contents cover, you will need to replace any damaged items out of your own pocket;
  • you may also want to protect your property from malicious damage caused by the tenants. Some landlords insurance policies (but not all) provide this element of cover as a standard feature, which is why it is worth looking around before making a decision;
  • if you want to accept a whole range of tenants in your property, finding a suitable landlord policy is going to be important. Many policies may only provide cover to properties inhabited by employed tenants. However, this is no good for you if you want to let your building to DSS tenants, students or asylum seekers, etc. The good news is that at UKinsuranceNET, we have no restrictions on whom you let to;
  • landlord cover may only be for a particular type of property. If you are just letting out a conventional house, many policies will be able to provide you with what you need. However, what if you want to let out a leasehold flat, a converted flat, a maisonette, a bedsit or a building that includes both commercial and residential areas? This is another reason to look around for the most suitable cover for your individual circumstances or seek specialist advice;
  • landlord's liability insurance  - typically of around £2 million or more - can help to give you extra peace of mind in the event that a third party sues you for damages caused to them or their property while on your premises;
  • another common situation is that you may have to leave your property empty for a long period of time while searching for tenants or making repairs. If this period of time is over 30-45 consecutive days, you may typically require specialist unoccupied property insurance cover;
  • subsidence is another potential issue for landlords, and it could end up costing you a lot of money if your property is affected. Some policies do not include this as standard, whereas others do, so it is worth spending some time looking around for a policy to meet your requirements.

Making sure you have the most cost-effective protection for your property that gives you the cover you need is important. By taking a little time to research your options – or using the services of a specialist insurance broker such as ourselves  - you will be able to find the most suitable solution.