Home insurance for landlords

Home insurance for landlords

Home insurance for landlords varies greatly, relative to the type of rental property they are offering. Landlords definitely need to take out a buildings insurance policy, as not living in the property themselves, leaves them liable should anything happen to, or because of, their tenants.

However, dependent on whether the property offered for rental is fully furnished, part furnished or unfurnished, will determine whether or not the landlord also needs to take out a contents insurance policy.

There is a variety of cover available for landlords with add-ons that could prove essential, hinging on the overall condition of the property offered for rental.

Options extras for landlords:

• Emergency call outs - covers tradesman up to a certain limit for call-out charges, labour and replacement parts. It will not cover events that have derived from poor routine maintenance
• Legal cover - protects the landlord with coverage of legal costs for non-payment of rent, failure to leave a property or unauthorised inhabitants. It can also cover the landlord for expenses in the event that a tenant has an accident within the realms of the property and takes legal action
• Guaranteed rent - will cover the cost of the monthly rental, should a tenant refuse to pay and if the property is vacant up to 3 months whilst sourcing a new tenant