Insurance for Landlords
As a landlord, your rental properties are your biggest asset, which is why you need to make sure they’re protected with the right cover. No two properties are the same, so you’re likely to need a policy that is tailored to suit your needs.
Do I need landlord insurance?
Landlord cover isn’t currently a legal requirement, but a conventional home insurance policy won’t cover you for anything related to a rental property. If you have a mortgage on your property it’s likely that your provider will require you to have a suitable policy before you move in any tenants.
If you employ anybody to help you maintain or run your rental properties business, you’ll also need to have employers’ liability insurance which will allow you to deal with any claims from employees who may have been injured or become seriously ill as a result of working for you.
You can choose anything you feel you might need to include in your policy, depending on your circumstances.
- Buildings insurance
- Property owner’s liability insurance
- Accidental damage insurance
- Alternative accommodation insurance
- Contents insurance
- Loss of rent insurance
- Unoccupied property insurance
- Fixtures and fittings insurance
- Tenant default insurance
- Landlord legal expenses insurance
What can it cover?
Landlord insurance is a specific type of cover that protects you against any losses you might claim for in connection to a rental property. The cover can protect the property itself, as well as any risks related to it including injury, or loss suffered by a tenant due to a fault with the building. Landlord insurance can also cover the contents of anything you own within the property itself.
Your policy can cover things like:
- Fire and lighting
- Flood, storm and other weather damage
- Escape of water
- Loss of metered water or oil
- Trace and access (any damage caused by finding the root of a problem, like a leak or access to plumbing)
- Theft, malicious damage and vandalism