Landlords face a range of specific risks that are covered by landlords’ insurance. A comprehensive policy will insure the building, loss of rent and your liability so it protects you, your property and your tenants if anything goes wrong.
What if your tenants fail to pay the rent or your property floods? You’d not only be responsible for paying for the damage, but you’d have to find alternative accommodation for your tenants. You can also add on extras, such as contents cover and legal expenses.
We can provide you with the right insurance cover and will also help to keep your insurances up-to-date with any tenant changes or periods of unoccupied property.
Some elements to consider when taking out a landlords’ insurance policy are:
- rent guarantee – usually includes legal expense insurance for help with the legal costs in the case of a dispute, as well as covering the rent if tenants refuse to pay
- alternative accommodation or loss of rent – if your property is damaged in a flood or fire and becomes uninhabitable, you would receive the monthly rental income for the mortgage, or to provide alternative accommodation for tenants
- contents insurance – not only relevant for a furnished property, but to cover carpets, curtains and kitchen appliances in an unfurnished property
Tenants’ Contents Insurance
Lots of companies offer contents insurance policies from banks to supermarkets, but don’t be tempted to buy an off-the-shelf policy as you may be paying too much or not be sufficiently covered.
If you are moving into rented accommodation, it is important to have contents cover to protect against damage not only to your possessions, but to protect the furniture and finishes in your rented property. Even if you rent an unfurnished property there will be carpets, curtains and white goods that need protection or you may lose your deposit and have to pay for any replacements.
We will find you the right level of protection so that you are paying the right amount to cover all your possessions and for your furnished or unfurnished rental.