Landlords – Are you covered?
20 March 2022
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With the rise in property being rented out, the thought of not having appropriate cover can be a worry that is something we could all do without.
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At Needham Insurance, we pride ourselves in providing you with the best and more cost effective cover you need. We have access to many policies and compare so that you do not have to. Our comprehensive knowledge in all insurance fields means that we will be able to help you every step of the way.
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Landlord Insurance
Needham Insurance is a specialist insurance broker for Landlord insurance
Needham Insurance is a specialist insurance broker for landlords and property management businesses. There are a wide range of policies available to cover various elements
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Landlords do not legally need landlord insurance in place to protect their rental properties. However, you must be aware that a standard home insurance policy may not cover your property when it is used for rental purposes.
Your mortgage lender may also require you to have landlord insurance in place before you can let to tenants – if you do not, you may be breaching your mortgage terms.
Furthermore, if somebody is injured in your rental property and you’re found to be legally liable, you may benefit from cover for property owners’ liability and legal liability as occupier or landlord.
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our Landlord Insurance Includes:
Buildings insurance
Typically, Landlord Insurance policies will insure against flooding, fires, storm damage and theft; covering you for damage to the structure of the building
Contents insurance
This is insuring the contents within the house, such as curtains and carpets.
Rent Guarantee Cover
This cover insures you for the unlikely event that you cannot rent out the property due to damage to the property, In the event of a claim, your insurance may cover your rent.
Liability insurance
Additionally, there may be liability cover for you as the property owner if something happened that caused injury or damage to a third party – for example a roof slate coming loose and falling onto a neighbouring property and causing damage.
Unoccupied property cover
This covers you when the property is unoccupied between tenants.
Legally you don’t need Landlord insurance but in the unfortunate occurrence that something goes wrong, it gives you the peace of mind that you are covered. Be aware that many mortgage lenders make it a requirement to take out buy to let insurance cover.
Yes, you can. One of the advantages of a Landlords Insurance Policy for residential property is that it creates less administration and means that you have just the one renewal date to remember!
Cost vary dependent upon the size of the property and the type of cover that you require.
Unfortunately, your home insurance will not cover you for a rented property if you are not living there. Issues occurring on a rental property can be very different to the issues that arise on the property that you live in, therefore specific policy is required.
If a property is unoccupied, you do need to declare that with your insurance provider. Whether you are selling the property or awaiting probate, or simply because the building is being renovated, you need to ensure that you have adequate insurance. Typically, a regular insurance cover will stipulate that the property should not be unoccupied for more than 30 days. If your property is going to be unoccupied for longer, you should get a specific policy for unoccupied property.
Needham Insurance is a specialist in the property insurance sector. We have access to a variety of leading UK insurers and can provide you with the specific cover that you need – often saving you money over generic policies.
