First time landlord insurance
So you’re a new landlord, or planning on renting out a property for the first time. It’s easy to feel a bit out of your depth trying to understand what cover you need, but that’s where we can help.
Let’s just see where you’ve got to.
Got a rental property? Great.
Know how to find tenants? Good.
Got your landlord insurance? No? Well stick around and we’ll explain why you need landlord insurance, what it includes and how to compare policies to get the right deal.
Do I really need landlord insurance?
You might have heard that landlord insurance isn’t needed and that a normal home insurance policy is enough. But home insurance isn’t designed for the specific issues that landlords might be faced with. You could find that a home insurance policy you’ve been paying for doesn’t cover you for any claims you need to make or claims made against you from tenants.
So while it’s not a legal requirement to specifically have a landlord policy, it’s the sensible choice and offers peace of mind.
By the way there isn’t a specific first time landlord insurance policy. It doesn’t really matter how long you’ve been a landlord, although this is one of the questions you’ll be asked as part of the quote.
What does it include?
A typical landlord’s insurance policy will include buildings cover and may include special cover for loss of rent (if your tenants don’t pay) and personal liability (if your tenants are injured in an incident connected to your property). These could be part of the main policy but make sure you check what your policy includes.
There are some other optional extras like unoccupied property cover – which might be useful if you need to make some renovations to the house or flat before you rent it, or if you are in-between tenants. The average home policy considers a home that goes beyond 30 days without someone living there as ‘unoccupied’. In the world of renting, an empty month might not be out of the ordinary.
There’s also landlord contents insurance for landlords who are renting a furnished property and want to protect furniture or electrical equipment in the house.
You could also choose to protect against accidental damage. For example if a tenant spills nail varnish on a carpet or sets fire to the curtains by accident!
Loss of rent
If you choose this option you’ll receive a payment in place of rental income, if your property is uninhabitable because of an insured event, like a fire.
So how do I choose a policy?
There’s quite a bit to think about, but that’s where we can help. Click the compare button above so you can start to compare landlord insurance.
Just work your way through the questions and we’ll present you with a page of your quotes, with the cheapest cover at the top. However compare your options and don’t just choose the cheapest, have a look at the details of what’s included and what’s not, and make sure they match up with what you need.
We’re sure you’ll find an affordable and suitable quote. Then, when you’ve chosen the right policy for your needs, just click through to the provider’s website to complete the purchase, not forgetting to check that you know exactly what’s covered.
Then, find yourself some tenants and cross your fingers that they pay on time and don’t damage your carpets!