If you’re a landlord with property to rent out, it’s important to look after your investment. Use our simple guide to help you find out the key insurance covers a landlord needs.
Your rental property is likely to be one of your key investments, so make sure you are protected if something serious happens to it.
Landlord buildings insurance can cover costs to rebuild or repair the structure of your rental property – such as walls, floors, roof, fixtures and fittings - if it’s damaged or destroyed by events like fire, storm, flood or vandalism.
If you have a mortgage on the property, check with your lender if they need you to hold buildings insurance.
It’s a good idea to choose a landlord insurance policy that covers for loss of rent.
This will cover your lost rental income if your tenants can’t stay at your property after an insured event such as damage from a flood.
Some policies also cover the cost of alternative accommodation for your tenants if they have to move out of the property.
If you rent out your property fully or partly furnished, you’ll need landlords contents cover.
It provides cover if items such as furniture, carpets and furnishings domestic white goods are damaged, destroyed or stolen.
Remind your tenants that they should have contents insurance for their own belongings.
Unfortunately accidents do happen, so for example if a handy man, cleaner or gardener got injured while working at your property, they may sue.
This is where employers’ liability can help, as it will cover legal defence costs. And if you are guilty of negligence for death or injury it provides cover for compensation claims.
Hopefully this will never happen, but if a tenant or visitor is injured on your property they could sue you for damages.
Property Owners Liability cover will cover you if you are found to be at fault because your property was not fully maintained.
It will help cover any legal costs and compensation you may have to pay these expenses.
Accidental damage insurance can cover the cost of repairing or replacing your property or contents if they are broken or damaged.
So if you or your tenants accidentally smash a window, drop something and crack a sink, put a foot through the ceiling or spill red wine on a carpet, you’ll be covered.
Best if you need advice from someone and would like competitive quotes from a panel of leading UK insurers.
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Insurance arranged by Arthur J. Gallagher Insurance Brokers Limited and underwritten by a panel of insurers.