Landlords insurance

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It’s advisable for all landlords to have some form of insurance.

The insurance can cover a wide range of things from, loss of rent, damage to property and its contents, to relocation of tenants in case of disasters. It does not matter how much you vet your tenants or maintain your property the unexpected can always happen.

The common types of insurances available to landlords are listed below:

Buildings insurance

This typically covers the property, including any outbuildings and the cover is normally for full replacement or repair costs. Policies normally cover against loss or damage caused by:

• Fire and Smoke
• Theft
• Vandalism / Malicious Damage
• Storms and Lightning (Excluding gates and fences)
• Oil or Water Leakage
• Subsidence
• Burst pipes
• Impact from Vehicles, Falling Trees, Aircraft, Aerials and Masts
• Civil Commotion
• Earthquake

One of the best things a landlord can do is to make sure everyone in the houseshare understands that if there is any problem with the property e.g a slightly leaking pipe, to contact the landlord ASAP, you should also make sure everyone in the house has your contact details. Sometimes tenants will leave small problems because they don't want to pester the landlord, or they don't have the contact information to hand.

Contents insurance

Whenever you rent out your property you can cover your contents against fire and theft. This includes furniture, household utensils, kitchen electrical goods and soft furnishings. You cannot normally insure personal effects or valuables but you can extend contents cover to include Accidental Damage if you need it.

Rent guarantee insurance

With this cover you can protect your rental income, whether you have a single investment or a large portfolio of properties against late or missing rent payments.  This can be a serious problem for landlords.
This insurance can be used to help evict non-paying tenants and some insurance companies will pay 50% of the rent for 3 months between the successful eviction and finding new tenants.

Emergency assistance insurance

This insurance covers home emergency call outs that landlords may have to make, including plumbers, locksmiths, electricians and roofers.

If you are unsure what cover you need then speak to your local landlord association and/or the possible insurers.