Landlord insurance in Northern Ireland
Are you already a landlord with one or multiple properties or are you thinking about becoming a landlord? If your answer is yes, now is the time to understand why you must ensure you have the right insurance.
The condition of the property market in Northern Ireland is perfect for landlords. Many people can’t afford to buy their own home so renting is a good option which also leaves them without the responsibility of looking after the premise they are living in. Many businesses can’t afford to purchase buildings or if they are opening for the first time they aren’t ready to commit to property. The rental market is perfect for both commercial and residential landlords, with plenty of availability in Belfast and across Northern Ireland. But in terms of insurance that means a lot of responsibility sits with landlords. This is why landlord insurance is so important and landlords need to ensure they are both adequately and correctly covered.
So as a basic, you must insure the property itself – whether it is a bungalow, a flat, a building which has been converted into flats, a factory or an office. If your property is damaged your income method is lost and most landlords can’t afford for that to happen – so insurance is critical. This is called business buildings insurance.
As the landlord you are responsible for ensuring your building is properly maintained and all health & safety issues have been addressed. What if your tenant doesn’t tell you that a plug has become damaged and they get injured by it? What if a delivery driver falls on the property because it is icy and it wasn’t gritted? What if there is an incident in the area and your building gets damaged?
Insurance is an area of your business which you cannot afford to get wrong. You need to ensure you are covered for the things you need – but that you are not paying extra for things that you don’t need. Typical things landlords may need cover for include:
- Buildings insurance – for damage to the building itself
- Property owners liability – to cover any claims against you for negligence
- Landlord contents insurance – if you provide furnished accommodation or have contents in the property (this does not cover your tenants’ contents)
- Communal contents insurance – for items in communal areas
- Malicious damage cover – in case your tenants intentionally damage your property
- Employers liability – if you employ anyone to look after your properties
- Loss of rent/alternative accommodation cover – in case your building becomes uninhabitable or can’t be used
- Directors and officers insurance – if you have a Resident’s Association
- Lift insurance – in case it breaks or becomes damaged
- Legal expenses cover – in case you need it.
Landlords must remember that they are responsible for finding out what type of business is being conducted from their premises in order to ensure they are adequately covered for the risk of the activities being carried out there. They also remain responsible when the building is unoccupied and there is special insurance to cover this.
It is critical that landlords are correctly insured – so don’t take the risk yourself – speak to one our experts at Property Insurance Centre on 0800 085 3761 and let them talk you through the cover you need for Landlord Insurance in Northern Ireland.