DO I need Landlord Insurance?

Compare Landlord Insurance

If you are a landlord, whether you have multiple properties or you have just bought your very first buy to let you may be asking yourself “Do I need landlord insurance?”. While there is not currently any legal requirement for you to take out landlord insurance on a property, you will find that most mortgage lenders require landlords to take out an appropriate insurance policy on buy to let mortgage properties. As such you may want to view the comparison table below to look at a range of different landlord insurance plans to see if there is one that might suit you.

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Lenders usually require a minimum of landlord building’s insurance however you might want to think about taking out a more comprehensive level of insurance to protect against a range of occurrences.

 

Within the landlord insurance market there are a diverse range of products, some may have additional features included or may offer them as optional extras, it is however worth thoroughly considering what level of cover you are comfortable with and feel is comprehensive enough to cover your specific desires.

 

There are numerous facts which may affect what landlord insurance is available including; whether it is a residential or commercial property, the building type and the tenancy type.

 

Different kinds of landlord insurance and policy options may include:

  • Landlord building cover – If you have a buy to let or commercial mortgage on a property that requires you to take out a landlord insurance policy this may be the most minimal type of cover a lender will find acceptable. A buildings policy will cover the structural cost of the property and may pay for the costs involved of clearing the land and rebuilding the property if it is totally destroyed by an insured event.

 

  • Landlord contents cover – If you rent out premises as furnished this insurance type will provide cover for the furniture and furnishings in the property that you provide such as sofas or carpets. This policy type does not normally provide cover for your tenant’s property.

 

  • Landlord liability insurance – If a tenant entered litigation due to a reason such as personal injury this type of cover may help you pay compensation.

 

  • Employers liability insurance –Similar to landlord liability insurance but could provide cover made by employees you might have working on your property such as handymen or cleaners.

 

  • Alternative housing cover – If the premises is left uninhabitable as the result of an insured event this policy type will pay for the housing of your tenants at an alternative premises for a period of time.

 

  • Loss of rent insurance – If an insured event occurs that renders the property uninhabitable for a period of time this cover may be able to reimburse the loss of rent you incur as a result.

 

  • Landlord Emergency cover – Some incidents like gas leaks or a property being left insecure as the result of a break-in need quick attention. This insurance type can help you get an approved tradesman to the property to make it safe at any time on any day of the year.