Landlord Insurance

If you let your property you will need landlords or buy to let insurance cover as the associated risks can be substantial and different from those experienced by commercial property investors and normal household insurance will not cover you. Landlords carry greater risks than the average householder, so making sure that you are fully covered is vital in today’s blame and claim culture. The risks associated with residential or buy to let properties are also significantly different to commercial properties.

Buildings Insurance

As a landlord your main priority is to protect your investment. Landlord buildings insurance will cover your property against all insurable risks to the full replacement cost, including the cost of clearing the site after a total loss and all professional fees. Remember, the replacement cost is not necessarily the same at the market value of the property or the price you paid for it. If you under insure your landlord buildings insurance you could fall victim to the insurers averaging policy i.e. you may not get the full amount of any claim. Landlord buildings insurance policies should cover your rental property against most risks such as flood and fire, repair and rebuilding. Risks such as terrorism or subsidence can be included also to give you complete cover.

Contents Insurance

As well as landlords buildings insurance, insuring the contents of your rental property makes financial sense. Landlord contents insurance will provide cover on such items as carpets, sofas, tables, chairs etc. Many insurers can also provide insurance for communal areas if you own a flat situated in blocks of flats or properties of more than one tenant. Some insurers automatically include a level of cover your contents within the buildings premium.

Landlord Liability

As a landlord you are responsible for the safety of the property and your tenants in it. This means that should a tenant harm themselves due to something dangerous in the property, they could make a claim for damages against you. It is strongly recommended that you cover yourself in this way. Most policies include landlord liability as standard. It is vitally important that you maintain your property to a good standard as this could potentially affect any claim you make.

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