As a landlord it is important to have the right protection in place.
Being a landlord can be an costly, and if you haven’t got the right cover you’ll have to pay large bills if anything goes wrong. A thorough landlords’ policy can include buildings insurance, accidental damage cover and financial protection against loss of rent.
Landlords’ buildings insurance
Building’s insurance is the main cover that a landlord will need. It is important because it protects the bricks and mortar of your property.
If your property suffers a flood or fire, buildings insurance will cover the rebuilding costs.
This usually includes replacing kitchens units and bathroom suites and some policies may also cover sheds, garages and other outbuildings.
Before you take out buildings insurance you’ll need to know the rebuild sum of your property.
Landlords’ contents insurance
Landlords contents cover will protect your beds, carpets, sofas, TVs and other possessions from theft or damage.
It’s also possible to get extra cover for accidental damage, which could be anything from a smashed mirror to a coffee stain on an expensive rug.
Look for a policy that will replace your belongings on a “new for old” basis, which means your possessions will be replaced with new items, should you make a claim.
Tenants possessions are their responsibilty.
Landlords’ liability insurance
Liability insurance can be added as an extra to most policies, and is often a requirement if you offer student or social housing.
It will cover you against tenants who may try and sue you for an accident that occurs on your property. It can be invaluable for protecting you in the event of injury or death on your property.
Legal expenses insurance
You may also want to consider covering yourself for any legal costs following potential disputes with tenants, including evicting squatters and repossessing your property. Legal expenses insurance can also cover the cost of defending you against any criminal action.
You might be able to extend your policy to cover the legal costs of recovering any outstanding rent owed by your tenant, so always check the details of your policy.
Landlords’ home emergency cover
Emergancy cover will cover the cost of arranging emergency repairs following, a gas leak, burst pipe, break-in or pest infestation at your property.
It ensures a fully qualified tradesmen will be on hand to sort out household emergencies, 24 hours a day, 365 days a year.
Policies typically cover call-out charges, labour and materials, usually up to a maximum sum of £500 per claim.
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