Landlord Insurance

• Home
• Credit Cards
• Loans
• Investments
• Life Insurance
• Mortgages
• Insurance

Landlord Insurance

So, you’ve taken the plunge and become a landlord. Are your buildings and contents already covered by insurance? Do you know what you should be insuring and to what value? Do you know which insurance responsibilities fall with you, and which fall with your tenants?

Becoming a landlord brings with it new responsibilities, a new focus, and hopefully new financial freedom. It is absolutely essential that as a landlord your insurance policy is kept up to date, and that you are comprehensively covered.

Buildings insurance covers your property, outbuildings and fitted interior units. These should be covered on the basis of full replacement or repair costs (subject to policy excesses, against any damages or loss caused by fire, theft, vandalism, lightning, oil or water leakage, smoke, storm, subsidence, burst pipes, commotion or earthquake. Some landlords may also wish to insure themselves for contents insurance against fire and theft. This can include cover for furniture, household utensils, kitchen electrical goods and soft furnishings.

Many insurance companies now offer specific landlord insurance policies for private individuals who have buy-to-let properties and property owning organisations. Above and beyond covering damage to your buildings, this type of insurance policy can also cover you for loss of rent and alternative accommodation expenses, property owners liability, money and assault and communal area contents.