Skip to content

Call today - 01325 346 328

Call from Overseas - 0044 1325 346 328

Quote Ref: WS1

Customer Login Get Quotes

Landlords Insurance Guide

stucco houses1.png (1)

There are many different types of Landlord, as there are different types of landlords insurance. From the individual who is renting out their second home to the ambitious property business man with an ever-increasing portfolio of dockside apartments. The common theme for all types of landlords is the need to purchase landlords insurance to protect their investments.

As a landlord, you are effectively using your property as an extra source of income – and this needs to be protected. Successful property investment is all about offsetting or transferring the risk to another party. To do this successfully then you need to arrange specialist insurance policies that are designed for tenanted properties. Again, a familiar mistake many landlords make is to assume that standard domestic insurance is sufficient cover, when in fact, many risks are simply not covered under this type of insurance.

A normal home insurance policy is not valid when you are renting out and taking an income from any property. This is because a standard property insurance policy usually doesn't provide as much cover as a specific landlords insurance would, e.g. you wouldn't have the additional cover, such as property owner liability, to provide cover against any claims your tenant or others may make against you for any injury or illness they receive within or outside of your property.

What is required is a residential landlord policy that can guarantee to protect your investment. This type of policy will also cover any property owners’ liability including employers liability cover and will offer other extensions which can include things such as full accidental damage cover, loss of rental income in addition to which the policy may even be extended to cover landlords legal costs for things like the eviction of squatters.

Landlord Insurance Guide

Buying the right insurance policy may seem complex at the best of times. There are many different options out there to choose from and lot of different providers. It can be bad enough insuring our own homes but how do you find the right cover if you are insuring your business interests? If you own one or more properties that you rent out to others then you may well want to look at our landlords insurance guide before you choose policies to suit you.

Although some landlords may opt to take out individual insurance policies to cover a variety of issues, many simply prefer to have one policy in place. This may well be the most cost effective route to take and it may also make things easier to manage. It is worth bearing in mind that not all policies in this sector will offer exactly the same benefits, however. So, it might be useful to think about what cover you actually need. Let’s take a look at some common options in your landlords insurance guide:

  • Building insurance -- any landlord will tell you how important this cover is. You cannot predict what might go wrong with a property and the cost of major building repairs can be high. This kind of cover may, therefore, save you a lot of money in the event that something happens.
  • Contents insurance -- if you rent out semi furnished or furnished properties then you need to think about your furniture, fittings and fixtures. You may not care about this stuff as much as the stuff in your own home but it’ll still cost you money to have it replaced if you don’t have any insurance.

A landlords insurance guide may also recommend you consider;

  • Accidental damage cover -- if a tenant accidentally breaks or damages something then this may give you the cover you need to have it repaired or replaced.
  • Cover between tenants -- most landlords will have periods where a property is empty after a tenant has left and before a new one is found/moves in. This can be a risky time. Your property is empty and could be easy prey for vandals and squatters.
  • Liability insurance -- how would you cope if a tenant or a member of the public had an accident in your property and then took legal action against you? This cover element may be useful too.
  • Loss of income cover -- if you ever found yourself unable to rent out your property for a period of time (for example, after a major fire where you had to make good the damage over weeks or months) then you might lose your income. This cover might help you replace it.

It is important to make sure that you get the right cover in place. This could simply help you carry on making money from your property rather than losing it. This landlords insurance guide just covers the basics and has probably given you food for thought. The key to getting the right cover for your needs is to always research all your insurance options before you buy and take specialised advice if you feel you need it.