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Landlord’s Insurance

If you rent out a home that you own, you will likely know that tenants do not always treat your home with as much courtesy and care as you would do yourself. Damage and accidents can occur, no matter how charming your tenants. If you are a landlord, it is a good idea to take out landlord’s insurance, to make sure you have the cover you need.

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What is Landlord’s Insurance?

Landlord’s insurance is home insurance, but it is specifically designed for properties which are being rented out. Often, this is combined with other insurance options for landlords. It can often include one or more of the following:

  • Buildings insurance

Buildings insurance covers damage to the main structure of your home and its fixtures and fittings, but not the contents within it. Imagine that you could pick up your house and shake it. Everything that fell out would be covered by contents insurance, everything that remained would be included under buildings insurance cover.

  • Contents insurance

Contents insurance covers the contents of your home – everything that would fall out of your home if you could pick it up and shake it. Items covered under contents insurance include furniture, electrical equipment and other items in a furnished rental property. It can also include carpets and curtains, so may be taken out even for unfurnished rentals.

  • Rental protection insurance

This will cover you against the financial loss if, for example, you are not able to rent out the property due to damage that needs to be repaired.

  • Liability insurance

This sort of insurance is to cover the costs if you have to go to court.

  • Unoccupied property cover

This is to cover the financial costs if there is an extended time between tenants.

Is Landlord’s Insurance a Legal Requirement?

No, this is not generally compulsory. However, some lenders make having landlord’s insurance a requirement if you want to take out a buy-to-let mortgage. It is also a good idea, as it can provide vital protection for your property investment should something bad happen.

Can’t I just take out normal home insurance?

It is important to check, as many normal home insurance policies will not cover a rented property that you are not living in. This is because such a property poses more of a risk to them. This is because:

  • you don’t see the property as often and may not see what state it is in.
  • tenants may let maintenance issues like damp get out of hand.
  • You could be liable if a tenant is hurt while in your property.

Home insurance is not designed for those renting property. This is why it is best to take out a specific Landlord’s insurance policy.

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