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Article > Do You Need Landlord’s Insurance?

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Landlord’s Insurance is insurance cover which safeguards the landlord against certain financial losses sustained in connection with his rental property. The short answer to the question is yes, yes, yes! With the ever increasing demand for rental property, landlords need to safeguard their properties, and their rental income, against any eventuality.

A general policy will include cover against subsidence, storms, floods, malicious damage, fire and theft but the landlord can also opt for further aspects of cover such as Contents Insurance, which is particularly important if the landlord is renting out the property part or fully furnished, Rent Guarantee Insurance, Legal Expenses Insurance and Liability Insurance.

Contents Insurance
There are two types of Contents Insurance a landlord can take out depending on the type of property he is letting.

Limited Contents Insurance
Limited Contents Insurance covers items such as white goods, electrical equipment, carpets and curtains and generally a policy wouldn’t go much higher than £15,000. This is an ideal policy for landlords who are renting out an unfurnished or part furnished property.

Full Contents Insurance
Full Contents Insurance would be more appropriate when the landlord is renting out a property which is fully furnished. However, it should be noted that the landlord’s Content Insurance will only cover his/her belongings within the property and not the tenant’s so it is advised that the tenant takes out their own cover if they wish to safeguard their possessions.

Rent Guarantee Insurance
Although landlords are strongly advised to rent out their properties through a professional Online Letting Agent who will arrange all their insurance for them, in cases where this doesn’t happen the landlord should most certainly ensure he has Rent Guarantee cover.

Rent Guarantee Insurance isn’t particularly costly but does offer the landlord protection against any rent loss should the tenant default on their rental payments. Rent Guarantee Insurance is usually combined with Legal Expenses Insurance which cover any legal costs incurred by the landlord should he need to start legal proceedings against the tenant with regard to possession.One stipulation with Rent Guarantee Insurance is that landlords must ensure their tenants have undergone professional tenant referencing before applying for cover.

Liability Insurance
Liability Insurance offers the landlord protection against any loss, damage or injury sustained by the tenant or their visitors whilst in the rental property and will cover the landlord’s legal costs in the event of the tenant filing a personal injury claim. However, the best way to avoid this happening in the first place is to ensure the property is safe secure and in good repair before the tenant’s move in and to ensure all maintenance and repairs required are carried out immediately.

The Premium
There are certain aspects which may affect the cost of the premium and these include:

Tenant Type – Some insurers see tenants in receipt of housing benefit or a ‘house of multiple occupancy’ (HMO) as high risk and this will be reflected in the premium

Location – If your property is located in an area where the crime rate is higher than the national average or is in an area of risk such as a flood plain then, naturally, this would boost up the monthly payments

Type of Building – A listed building or a property situated in a conservation area will also see a higher premium

Age – Often the age of a building can have a bearing on how much the landlord pays for his insurance and this is generally due to the construction standards and older construction materials of the building

Previous Claims – If a landlord has a history of previous claims then it goes without saying that this will also push up the price of the premium

Tenant’s Insurance Cover
As we mentioned earlier in this article, although the landlord may have Contents Insurance in place, this does not cover the tenants or their belongings so it makes sense for the tenant to consider taking out Tenant’s Insurance cover. Tenant’s Insurance will not only cover the tenant’s belongings against damage or theft but will also safeguard against any damage caused by the tenant to the landlord’s property or possessions as well as any injuries sustained by guests visiting the property.




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