This is a cover that will protect landlords from risks associated with their rental property. This insurance covers you against any unpredictable events such as fire, flood, theft, or vandalism. You can also get protected should any tenants claim against you and loss of rent.
There are different types of landlord insurance that cover you for different risks. The type of cover you chose depends on what risks you would like to be covered for.
Landlord Contents Insurance
This is important if you rent a furnished property as it can pay for any repairs or replacements if your possessions have been stolen, damaged or destroyed.
Property Owners’ Liability Insurance
Accidents occur all the time, things like loose or slippery flooring are quite common amongst rented properties and can lead to slips and trips. Landlord liability insurance is designed to protect you from injury or damage claims related to your rental property.
Unoccupied Property Insurance
Landlord insurance for unoccupied properties is a type of cover you can take out to protect your property while you don’t have any tenants living there.
Tenant Default Insurance
If your tenant fails to pay their rent, tenant default insurance can cover your rent for a set period of time. Rent guarantee insurance protects landlords from the real risk of non-payment of rent.
Landlord Buildings Insurance
Your landlord insurance covers the property itself as long as you have buildings insurance as part of your policy. It can cover the costs of rebuilding or repairing your property if it damaged by events such as fire or vandalism.
Do I need Landlord Insurance?
Your mortgage lender may ask you to take out a specialist landlord insurance policy to protect your property however, legally, you are not required to have landlord insurance. Landlord insurance helps protect your property as well as you and your tenants. Having an insurance policy in place will help you avoid putting yourself and your assets at risk.