All About Landlord Insurance

Published: 16/07/2019 By Jane Robathan

By law, you don’t have to have landlord insurance, but if you’re taking out a buy-to-let mortgage, your lender will likely insist on it.

Frankly, it’s a sensible move. Apart from protecting your property from damage, you can also get cover for the following things:

Buildings insurance
 If you live in a leasehold property, your freeholder may already have taken out building insurance. Your freeholder owns the building and so takes responsibility for it by having the building insured against structural damage. If this is the case, you won’t need to buy this insurance, but you will need to tell the freeholder that you’re renting out your property so they can update their policy. It would be sensible to ask your freeholder for a copy of their insurance policy for your own records.

Non-payment and loss of rent

 You can get protection for non-paying tenants, voids between tenancies and scenarios where tenants need rehousing because of big repairs to your property. Cover can include loss of rent while you refurbish a home or protection from squatters or break-in while its empty. This commonly protects you for 30-days, if you need a longer term you probably need to call a few companies for specialist cover.

Malicious or accidental damage
 If your tenants damage anything or steal your stuff.

Legal expenses

 Obviously, if things take a murky turn towards disputes, you’d be grateful you’re covered.

Public liability
 This protects your tenants (and yourself) from an unseen accident at your property. If someone had an accident in your property, they could potentially sue you. Liability insurance can cover tenants, tradesmen and visitors to your property.

Contents insurance

 Are you going to rent something furnished? Choosing this cover will usually depend on how expensive your furnishings are.

Pet insurance

We’re noticing many companies now include accidental pet damage cover in their policies. With today’s record number of mid-life tenants, it would appear pet cover is fast becoming a popular product. If you are a landlord who wants to know how to rent trouble-free to this rapidly growing market, Should I Rent to Tenants with Pets is a useful read. The post shows landlords how how to protect a home from pet damage for free and ensure the tenant is legally responsible, should a furry friend mess up.