Many landlords don't realise they need specialist landlord's insurance to cover their rental properties. A normal home insurance policy wont protect you against the extra risks you can face as a landlord.
So what should you be looking for in a Landlord Buildings Insurance policy?
- Good claims process - if you need to make a claim, you want to ensure that it's dealt with quickly and efficiently, getting you back up and running as quickly as possible.
- Malicious damage cover by tenants and guests - in the event your tenants or their guests cause damage to your property or its contents.
- Fixtures and Fittings - if you supply your tenants with items such as satellite dishes and Wi-Fi equipment make sure they're covered on your policy.
- Liability cover - in the event that your tenant injures themselves as a result of something dangerous in the property.
- Un-occupancy cover - to protect you if your property is vacant for an extended period of time between lets.
- Escape of water cover - if your property is damaged due to burst pipes or flooding, make sure youre covered.
Contents insurance Youre not responsible for your tenants' contents. You are however liable for items you provide to your tenants as part of the rental agreement, such as carpets, curtains and furniture to household utensils and electrical goods. You can add contents to your buildings insurance, choosing the level of cover you need.
Tailor your policy to add additional cover options such as:
- Home Emergency cover - to protect you and your tenants when it comes to central heating failure, burst pipes or flooded drains.
- Legal cover - especially helpful if it comes with a 24hour legal advice line.
- Rent Guarantee insurance - gives you protection against rent arrears.
Who can you trust for your landlords insurance?
Endorsed by the NUS and partners of the Mayor of Londons London Rental Standard, Endsleigh is recognised as marketing leading insurers for landlords and the private rental sector. As well as covering everything listed above, plus much more, Endsleigh is also the chosen insurer for many Spareroom.co.uk customers. Having worked in the private rental sector for over 25 years, they insure over 40,000 landlords and offer a comprehensive range of products for properties including shared houses.
Local landlords associations can also advise you on the best policy for your needs.
NB if you're a live in landlord, remaining resident in your property and renting out one or more rooms to lodgers, you need a different kind of specialist insurance. Find out more here.