If you’re a landlord and rent out a property, landlord insurance could help to keep your finances safe. Landlords insurance can be a valuable asset to have to keep landlords covered should the worst happen. This type of insurance covers both the building itself and any financial losses associated with renting out a property. There are lots of different types of cover depending on what you want to be covered for.
Why get landlords insurance?
Landlord insurance covers risks related to your buy-to-let property and rental activity. Most policies start with building insurance and property owners’ liability insurance. You can add many other covers, such as loss of rent, tenant default, or accidental damage, depending on your needs. However, is it necessary for all landlords to have this level of cover, or is it just for landlords with a large portfolio of properties? This really does depend on each individual landlord as there is no ‘one size fits all approach.
What does landlord insurance cover?
Landlord insurance typically covers things such as:
- Property owners’ liability cover
- Buildings insurance
- Loss of rent cover
- Contents insurance
Optional covers include:
- Accidental damage cover
- Legal cover
- Emergency assistance cover
Do I need landlord contents insurance?
If you are a landlord renting out a completely empty property – with no furnishings at all – then landlords’ contents insurance may not be necessary for you. However, if you are offering a furnished or part-furnished property, then landlords’ contents insurance is crucial to cover your contents.
What are you covered for?
When taking out insurance it can be tempting to underinsure to keep costs down. While this seems like a good short-term plan if the worst happens long term, you could risk being underinsured. This could lead to heavy financial losses.
If you’re a landlord looking for support then contact one of our team today.