Renting out your property can be a great source of income but it can also be a stressful and risky project to undertake. Whether you are setting up a buy to let mortgage or renting out your own home you may want to protect yourself against all eventualities.
There are four main aspects to landlords insurance:
If you are renting out a furnished property you may want to protect your contents against damage or loss. If the property was subject to fire or flood all contents may need to be replaced and without the correct cover this could be very expensive.
If your property is unfurnished you may still want to protect your carpets etc. against the cost of redecorating.
The building is the most valuable asset in a rental portfolio, hence why you may want buildings insurance.
This type of insurance could cover your property against fire, flood, explosion and smoke damage.
Loss of rent cover
If just one of the problems listed above should arise this could cause the tenant to withhold rent. This knock on effect can be very costly to the landlord.
It’s worth speaking to us about loss of rent cover as some insurers offer it as standard whereas others may include it as an additional cost.
If your tenant should injure themselves in the property, you could be liable. An example of this could be if a banister rail gave way and the tenant fell down the stairs, they could potentially make a claim against you for compensation for their injuries as a result of the accident.
More Information and Quotes
This guide forms part of our series on landlords insurance, for more product information, guides or to get a quotation, please visit our landlord insurance section here. You can also call our UK based sales team on 08081686868.