What is Landlord insurance?
Landlord insurance is cover that protects landlords from potential risks that may arise from letting their property to tenants.
What does it include?
Landlord insurance often includes building and contents insurance but could also include other risks such as loss of rent from an insured peril, rent protection insurance if a tenant defaults on payments and also legal expenses for the cost to evict tenants, as well as property owners’ liability cover.
Do you need landlord insurance?
Although landlord insurance isn’t a legal requirement, you may find that your mortgage lenders insists on it. Homeowners’ insurance usually excludes cover for tenanted properties.
If you let a number of properties a wider commercial property owners policy may be more appropriate, especially if you have mixed residential and commercial tenancies.
What landlord insurance do I need?
There is a variety of cover available to you. Buildings insurance which will include fixtures and fittings, and property owners’ liability insurance will be core covers for most landlords. But contents insurance could be useful too, for white goods and other furnishings you leave in the property.
You can choose to add other covers like rent protection insurance, accidental damage cover and landlords’ legal expenses insurance too. It’s best to talk through your individual needs with an insurance broker to get a policy tailored for you.
If you need landlord insurance, please call us on 0370 950 1790 to speak to a broker.