Landlord Insurance

Landlords, if you have been keeping up with our blogs, you’ll know we recently explained Rent Guarantee Insurance and the benefits of it but while we are on the subject, we thought it important to touch on landlord insurance. This is also available to you via our third-party provider at SJM Properties, or you can seek it independently.

Landlord insurance is essentially home insurance for rental properties and depending on your policy, coverage can include on or more of the following:

  • Building Insurance whereby you are covered for any damage to the building itself or any fitted features within the property.
  • Contents Insurance which would include furniture in the building but even for properties classed as ‘unfurnished’ would support claims for items such as carpets or curtains.
  • Rent Protection Insurance which covers you for the period you couldn’t rent out your property due to the damage.
  • Unoccupied Property Cover which would aid you financially in gaps between tenancies.
  • Liability Insurance which covers you if you are taken to court for any reason.

It isn’t a legal requirement to have landlord insurance, but if you have tenants, your standard home insurance policy won’t cover you if anything costly were to happen to your property or worst case scenario, the tenant has an accident in the home which you as the landlord could be liable for.

Overall, it’s a great way to get some peace of mind, particularly if you have a buy-to-let mortgage and there isn’t room in the budget to account for unpredictable events e.g., tenant injury on the property, natural disasters, or theft.

Hopefully this brief outline has helped sum up what landlord insurance is and the benefits of it, if you do have any questions or would like a quote, please don’t hesitate to contact us!