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What insurance do you need to take out as a landlord?

What insurance do you need to take out as a landlord?

If you make your living from property as a landlord – you need to make sure that you have the right insurance. So, what kind of cover do you need when you are letting property?

Whether you have a multiple property portfolio or just a single house purchased as a buy-to-let property, it is important to understand what insurance is available to landlords and what insurance is appropriate for your property business to protect your property investment.

Of course, the main element which is covered in a typical Landlords insurance policy is the building or buildings themselves. This is the landlords most important asset to be protected against the risks associated with letting. Cover can also be extended to include protection for any contents belonging to the landlord, landlord’s Liability, public liability, legal expenses cover and cover against the loss of rental income.

Loss of rental income

If you are in the business of letting property, it is crucial to know exactly what your income is and have an amount of security and guarantee in the receipt of that income. Not receiving rent is the thing which is likely to impact on any landlord’s property business more than any other. Insurance cover against the loss of rental income, should your property become uninhabitable due to an insured event such as fire, flood or another event outside of your control, can offer that security. If something happens which means that your tenants have to move out, loss of rental income will cover the period until you are able to let the property again and re-establish your income.

Loss of rental income insurance should not be confused with rent guarantee insurance which covers the rent a tenant would be due to pay in the event that they don’t. If you rely on the receipt of rental income to pay your own bills – it would be wise to consider taking out insurance against loss of income as well as a rent guarantee policy.

Alternative Accommodation

Alternative accommodation insurance for landlords is a form of additional protection which provides cover in case a property you are letting becomes uninhabitable. The landlord is not always responsible to fund alternative accommodation for tenants in the event that their property is uninhabitable, however, it is certainly important to make sure that you fully understand your liabilities in this respect. If you are obliged to provide tenants with an alternative place to stay – make sure that your landlords insurance is extended to provide this cover.

Landlords Liability Insurance

This part of a landlord policy protects property owners against liability if an incident occurs which harms or injures someone on their premises. Landlord’s Liability Insurance is a type of public liability insurance which specifically protects landlords against compensation claims which may be brought by a third party if they blame your property for injury or loss. This could be a trades person, visitor or tenant. Compensation claims of this type may take into account lost income and medical expenses so have the potential for large pay-outs. Any compensation would be covered up to your policy limit for peace of mind.

Legal Expenses insurance

If, as a landlord, you ever do have to defend a compensation claim, the legal costs could run to a large amount of money. Similarly, if you have to bring legal action against your tenant for any reason, the legal costs could prove prohibitively expensive. Legal expenses cover means that you do not have to worry about the costs mounting up when you need to go down a legal channel in the course of running your property business.

In addition to the above, we can also arrange cover for multi-tenure property, blocks of flats, unoccupied property, buy-to-let and commercially let property

For more information on Landlords Insurance or to get a personalised quote for your property business, get in touch with one of our experienced team.

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