Becoming a professional landlord can be a great way to earn extra income, but it can have its challenges.
And the more properties you’re managing as a landlord, the more that needs to be considered. Even if you only have one property at the moment, there are steps you might like to take to protect yourself from some of the risks that come with renting out accommodation.
That’s where landlord insurance comes in. For more information on the options and what’s on offer, read on…
Why might I need landlords’ insurance?
Some people think that landlord insurance isn’t necessary and that a normal home insurance policy is enough. But a home policy isn’t designed for some of the specific issues that landlords might be faced with. And for a professional landlord it’s even more important to ensure you’re covered in case of any problems.
So while it’s not a legal requirement to specifically have a landlord policy, it might offer peace of mind.
What’s different about it?
Every landlord insurance policy includes buildings cover, much like a home policy. But it could also include special cover for loss of rent if you can’t let the property out for an incident you’re insured for, such as flood damage or a fire. Make sure you check individual policy details as cover does vary.
The policy might also provide cover for personal liability, which means you have legal cover if your tenants make a claim for injury or damage cause by your property.
There are some other optional extras like unoccupied property cover, something that could be useful if you need to renovate before you rent your property or if you are in-between tenants. With an average home insurance policy, a home that goes beyond 30 days without someone living there is seen as ‘unoccupied’. But in the world of renting, an empty month might not be out of the ordinary.
There’s also landlord contents insurance if you’re renting a furnished property and want to protect furniture or electrical equipment that you’ve provided within the house.
You might also choose to protect against accidental damage. Unfortunately there are some tenants who are accident-prone, and that could mean a stained carpet or smashed sink. The tenants’ deposit alone might not be enough to cover this so you might need to ensure its part of your policy.
How to choose a policy
If that’s helped you see why professional landlord insurance might be a worthwhile buy, click above to compare landlord insurance. Work your way through the questions and before you’ve even finished your cup of tea we’ll bring you a page of quotes, with the cheapest cover at the top.
However, do consider your options and don’t just choose the cheapest one. Have a look at what’s included and what’s not, and make sure the features match up with what you need.
We’re sure you’ll find a quote that suits. To buy, just click through to the provider’s website, not forgetting to check that you know exactly what’s covered.
Then you won’t have to worry quite so much about your tenants holding house parties or accidentally redecorating your kitchen!