If your rental income is one of your main sources of income or you use that money to pay your buy to let mortgage payments then suddenly losing that income could cause you problems, having some kind of landlord rental insurance could help you.
Different types of insurance will cover you for different kinds of reasons for your loss of rental income such as:
- If an insured event occurs that destroys your property or leaves it uninhabitable while repairs or reconstruction is carried out.
- If you enter a rent dispute with your tenant.
You might also want to think about alternative housing cover, this would be for if an insured event was to render your property uninhabitable this level of insurance could help put your tenants in temporary accommodation while the repairs are carried out.
Rental insurance is just one of the additional features you could purchase on your landlord insurance policy.
Other insurance cover you may want to consider includes:
- Contents insurance- if you have any items in the rented property that belong to you, you can protect them from damages with contents insurance cover. You may have a choice between indemnity and ‘new for old’ cover.
- Buildings insurance- protects the structure of your property, the permanent fittings and fixtures from damages which may include: fire, water damage, extreme weather conditions, vandalism and theft.
- Emergency cover- this can cover you if your property needs immediate attention due to emergencies such as burst pipes or dangerous electric emergencies. Some policies will provide an emergency contact line that will send out an approved tradesperson to resolve this issue for you.
- Landlord liability cover- can protect you in the event that your tenants or a visitor suffers injuries as a result of your property being unsafe. This will usually cover both medical and legal cover.
- Unoccupied property cover- if your property is unoccupied for any reason you may, find that your standard cover ceases being active after a predefined term of time and that you would need insurance that covers you adequately from such things as vandalism, squatters, fire and water damage.
Because there are so many landlord insurance quotes on the market, it helps to look at a number of insurance providers and the policies they offer. Make sure you think about the level of cover you need and the premiums you are willing to pay. Using the comparison table at the top of this page you can find a range a range of locations you will be able to get quotes for different kinds of landlord insurance.