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What type of landlord insurance do you need?

Just as you would insure your own home, you also have to make sure that your buy-to-let properties are protected. But with different types of landlord insurances available it can be difficult to decide which one you need. Here is everything that you need to know about how to protect your rental property.

Do you need insurance?

A thorough landlord insurance can include some useful features such as buildings insurance, an accidental damage cover and a financial protection against loss of rent, just to name a few. Landlord insurance is not compulsory but some lenders make it a requirement should you wish to get a buy-to-let mortgage.

Landlord building insurance

A building insurance is one of the main types of cover that landlords need. It is essential as it will protect the bricks and mortar of your rental property. A building insurance policy usually covers your buy-to-let properties from any damage such as fire, vandalism or natural disasters, just to name a few. There are hundreds of policies available on the market so it’s important to choose the best one to suit your needs. An insurance broker will be able to guide you in the right direction.

Landlord content insurance

Content insurance is also essential, especially if your rental property is furnished. This will help to protect your beds, sofas, carpets and other items from damage or theft. You can also get extra cover for accidental damage, which usually includes anything from a broken mirror to a coffee stain on a carpet. Make sure to remember you do not have to insure your tenants’ possessions as it is their responsibility.

Landlord liability insurance

Landlord liability insurance is a cover that can protect you from injury or damage claims related to your rental property. It can be added as an extra to most insurance policies. It is also often a requirement if you offer student or social housing. If someone gets injured or if their possessions are damaged and they decide to sue you, your landlord liability insurance could step in to pay the compensation costs and legal fees, up to the limit of your chosen policy.

Loss of rent insurance

If your property becomes uninhabitable and you can’t rent it out for a certain period of time, any rent you miss out on can be protected by the loss of rent insurance. This is essential if you have taken out a considerable mortgage on your buy-to-let property and are relying on the rent for the monthly repayments.

Landlord home emergency cover

If something essential such as the boiler or the electricity fails at your rental property, you’ll need to get it sorted as quickly as possible to limit the damage to your house as well as the impact on your tenants. This insurance covers the cost of arranging emergency repairs. It also ensures a fully qualified tradesmen will be available to sort out any household emergencies.

Legal expenses insurance

You should also want to consider covering yourself against any legal expenses following potential disputes with your tenants. Legal expenses insurance can cover the cost of defending you against any legal actions. You might be able to extend your chosen policy to cover the legal costs of recovering any outstanding rent owed by your tenants, so make sure to check the details of the policy you opt for.

Do you need help managing your property? Our property management services will give you peace of mind and relieve you of the commitment of being a full-time landlord. Whether you have a single property to let or a portfolio, we are here to provide you with the first class service you deserve – call our team today on 020 7078 0214, or email to find out more.