Landlord insurance: a cover for your rental property

If you’re a landlord and have planned to rent your house, there are a lot of things that can go wrong with the tenants. A landlord protection policy or insurance is important to set things right if things go wrong. A right cover will save you a lot of money and let you stay in peace. Let us know through the article what is a good landlord insurance policy and how can it be useful for you.

Who needs a landlord’s insurance?

A detailed landlord’s policy includes many useful features like accidental damage cover and financial protection against loss of rent, building insurance, etc. Landlord’s insurance is required by some lenders for a buy-to-let mortgage.

Landlord’s building insurance

Protecting the bricks and mortar of your property is important in case the building is hit by flood or fire. In such a case, a building insurance cover will cover the cost of rebuilding.

The policy usually covers kitchen units and bathroom suites. Bigger policies may cover sheds, garages, and outbuildings. Know the rebuilding cost of your property before buying this insurance.

Landlords’ contents insurance

Things inside the house can be protected too with the landlord’s insurance cover. It covers beds, carpets, sofas, TVs, and other possessions that might be affected due to theft or damage.

Select a policy that will replace your objects on an old to a new basis.

Landlords’ liability insurance

If you are offering social or student housing, liability insurance is an essential requirement. This cover will protect you in case tenants try to sue you for any accident on the property. Tenants keep changing, thus having this insurance is essential for any mishap that might occur to tenants while in your property.

Legal expenses insurance

When tenants stay for longer, there are cases of repossession and often several disputes crop up too. Cover yourself against any legal cost in case of disputes with your tenants. Legal expense insurance will suit even in case of any criminal activity.

What to look for in your policy?

  • Read and understand what all is excluded from the policy. Some quotations are circumstances specific and might not be favorable to you.
  • Conventional home insurance does not cover you for a buy to let property. Buy separate insurance for that.
  • If you are taking a leasehold property, make sure to ask the owners if they have building insurance. If there is existing insurance, you might not need one.
  • Building insurance does not cover property contents. There are two different policies required for these purposes.
  • Your fixtures and fittings are covered by buildings insurance, however, if you own a flat and the freeholder is responsible for buying the building’s insurance, you can just get fixtures and fittings insurance as a separate cover.

There are a lot of options on the internet these days to buy a landlord’s insurance. Browse and select the best one depending on your need. Compare quotes from different companies to compare the prices. Safeco Landlord insurance quote online will give you an idea of the cost and the procedure to buy landlord insurance smoothly.