Landlord Insurance Guide

There are whole host of landlord insurance policies available however finding the right one for you can prove to be a little more difficult.

Whether you're a rookie in the buy-to-let world or an experienced landlord with a property portfolio, our landlord insurance guide will help you find the policy that suits you.

The basics of a landlord insurance policy

As a landlord it is likely that you will have invested quite a considerable amount of money in your property to make it as attractive as possible to any potential tenants. This is why protecting your investment should be your first priority before letting your property out.

Commonly known as buy to let insurance, there are three main features to a policy.

Landlords Buildings Insurance - This insures the structure itself and will cover the cost of rebuilding your property in the event of total loss. It is worth checking the terms and conditions of any policy to make sure what disasters you are covered against, for example flood or fire damage.

Landlords Contents Insurance - Important for all landlords but especially those that are renting their property out part or fully furnished. This will cover the cost to replace/repair items such as furniture, carpets, televisions and any other item you will be leaving in the property.

Landlords Liability Insurance - In a world where personal injury claims are helping raise the cost of other insurance products, it is just as important to protect yourself as a landlord. Personal injury claims can easily reach up to £100,000 per claim and this will protect you in the event that a tenant or visitor is injured at your property in which you are legally liable for.

Additional extras

As well as the above you can add additional features to your policy to cover yourself from any of the other perils that being a landlord may bring.

Rent Guarantee Insurance - Now that your property is providing you an income, this feature will ensure the rental payments are covered in the event that they are missed or not paid at all. For example if an unruly tenant refused to pay or even when your property is empty between tenancies, this cover will cover the cost of your rental income.

Legal Expenses Cover - Disputes between landlords and their tenants have been widely documented over the years. If the worst were to happen and you had to take your tenant to court, this will cover those expensive legal fees. Taking a tenant to court can usually cost upwards of £800 not to mention the number of months rental income lost.

Further information

With the varying levels of cover available it is worth doing your research and read through the terms and conditions of any policy to understand exactly what you are going to be covered for.

As with many insurance products, landlord insurance will come with an excess payment. Although a higher excess may result in a cheaper premium, make sure you can afford to pay this excess payment in the event of making a claim.

Visit our homepage now to find a cheap landlord insurance policy.