Renting out property is never going to be risk-free. So, if you’re a landlord, getting the right cover in place to protect against any incurring financial losses from day-to-day rental activities is crucial.
Currently, and perhaps surprisingly, there’s no legal requirement to anyone renting out a property to have landlord insurance as opposed to regular home insurance.
But the problem with home insurance is that these policies simply don’t cover what is classed as ‘rental activities’. If a landlord takes out standard home insurance, there’s every chance that insurance companies will refuse to pay out on a claim.
Some lenders offering buy-to-let mortgages are now insisting on landlord insurance, but, more importantly, landlord insurance offers a lot more in terms of protection.
Landlord insurance is there in-case the worst happens and depending on the insurer, can protect from the following:
- Non-payment of rent
- Damage of your property
- Loss of earnings
- Rehousing costs
- Liability for accidents
It’s reassuring to know that you are covered. It’s protecting your investment.
We also recommend keeping your insurer up-to-date. This can be a change of tenants or if the property becomes empty. Most policies will insure the main risks, but make sure you read your policy carefully. For example, some insurers will only cover properties let to employed tenants.
As part of our service to you, we have a special partnership with Let Alliance that offers tailored insurance to precisely meet your requirements, whether it’s cover for one property or a larger portfolio.
Please note, if you’re a tenant, you’ll need contents insurance to cover all your items within the property. Landlords insurance does not cover your contents.
Give us a call today on 0845 828 2890 for a free quote, or to discuss your insurance needs.