What insurance do you need as a landlord?
It’s easy to forget about insurance – until you have to make a claim.
But by letting your insurance policy be automatically renewed every year, or opting for the same company again without shopping around, you could be paying more than you should than you need nor be as well covered you could be.
When it comes to renewing your policy, there are several factors you need to consider to ensure you get the best deal – and the best protection.
Firstly, read your current policy thoroughly and understand the terms of the policy including your obligations. Your policy may be invalid if you fail to carry out repairs or maintenance on a property.
With a wide range of landlord insurance policies available, you need to consider how much cover you need and want.
When shopping around, consider this essential checklist:
- Buildings insurance
This will cover structural work on your property if it sustains extensive damage.
- Accidental damage cover
This covers non-deliberate damage in a property.
- Public liability insurance
Should someone be injured in your property and chooses to sue you, this protection will cover your legal costs.
- Malicious damage insurance
Will cover the cost of any deliberate damage to fittings or fabrics.
This covers legal costs that you might incur, such as evicting a tenant or pursuing unpaid rent.
Beyond these must-haves, other policies cover some nice-to-haves which you may consider getting. These include
Should your tenant default on rent.
- Alternative accommodation
This would cover the cost of re-homing tenants in case the property has been so damaged that it is temporarily uninhabitable.
- Contents insurance
This covers damage to fixtures and fittings that aren’t part of the building – such as washing machines or fridges, furniture and floors.
- Home emergency cover
This is a one-stop shop for unforeseen emergencies such as problems with heating, plumbing and electrical, giving you 24/7 access to a tradespeople that has been approved by the insurer.
- Portfolio insurance
If you own several properties, it is worth looking into portfolio insurance – it is easier to manage, with just one premium and one renewal date to remember, and it may also work out cheaper.
What do you need to check before you renew your landlord insurance policy
- Is your rebuild valuation correct?
- What checks do I need to make on tenants?
- What are your obligations for keeping the property in good repair?
- Do you need a valid EICR?
Call 0800 294 4522 for a 60-second quote today!