Landlords – Are you covered?

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.
Landlord insurance

As a landlord you have many responsibilities, including ensuring that the structure of the property is in good condition as well as ensuring it is safe to live in. To ensure that this is protected should there be a fire, flood, or burglary, then having buildings insurance will protect in these unfortunate events.

If you have any items such as fridge, furniture, and any furnishings, you have the responsibility to cover these within your own contents insurance policy. The contents of your tenant’s personal belongings should be covered by their own policy as your policy will not extend to these.

Since around 13 million people rent their property, you are not on your own ensuring that you are covered. Additional considerations for optional extras, such as accidental damage is something to think about. This covers you in the unfortunate event of something in the property being damaged or flooding causing damage to other areas of the property.

You may also consider insurance that will cover the cost of loss of rent, this could be part of the landlord’s insurance but most of the time it is an additional add on. Also be mindful of the level of cover. Some insurance will cover lost rent if your tenants must move out due to flood or fire, whereas if you’ve lost rent for another reason, eg, your tenants have failed to pay, you will only be covered if you have specialist cover.

Other considerations can include eviction costs, boiler breakdown, which could be included in your home emergency cover and cover for rent arrears.

The final option you must consider as a landlord would be Landlord liability insurance. This is cover if your tenant (or someone else) suffers an injury or damage and you’re held responsible. In such an event, the cover can pay compensation and legal fees.

As a landlord there are many considerations to be mindful of. Having the right cover at the level you would like is so important, giving you the peace of mind that whatever happens, you are not liable for the spiralling costs to sort it out.

Whether you have one property or a portfolio of properties, call one of our expert advisors on 02476 326213

Picture of Neal Lowe

Neal Lowe

Managing Director

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