Landlords insurance provides protection for property owners who are renting to tenants, that regular Home insurance just wouldn’t cover.
Landlord insurance can protect the property owner from financial losses connected to the rental income, damage caused to the building such as fire or weather damage and can be extended to include coverage for things like unpaid rent and malicious damage by tenants.
Landlord’s insurance is not a legal requirement although a mortgage lender may require that you, at least, insure the building. Equally, any tenancy agreement may require certain responsibilities of you that are best served by an insurance policy.
As being a landlord means you earn money through rent, for insurance purposes you are classified as business. Therefore, a standard home insurance would not be suitable. There would be gaps in cover and won’t provide adequate cover for the liability, legal and loss of rent options available on a landlord’s policy.
Insurers also class tenants differently. All insurers will generally cover professional lets. However, it can be more difficult to obtain insurance if you let to tenants receiving housing benefit from the council. It is also the same if your property is let to students.
Landlord’s insurance typically provides cover for
- Property Owners’ Liability
- Loss of Rent
- Landlord’s Contents
Optional covers may also include accidental damage and legal cover.
If you would like a quote to cover your rental property, please do not hesitate to get in touch.