Residential Landlords Insurance:
All landlords know that they have responsibility for insuring their building and anything they own within the building. Tenants should have contents insurance for their own possessions which are in the building – but they are not responsible for insuring the building itself.
While these roles are clear to many people, there is often confusion about what insurance cover residential landlords need. Here is a quick guide to the policies which are provided by Property Insurance Centre who are experts in Residential Landlords Insurance based in London and Northern Ireland.
What is covered with our landlord insurance?
As a basic residential landlord’s insurance must cover any potential damage to the building itself such as a flood (depending on the location and flood history of the area) or a fire. This is similar to normal household insurance but a normal household insurance policy would be invalid if you rent out your property as landlords need other types of cover which is not part of a normal household insurance policy.
Let’s start with liability insurance. Landlords need property owners’ liability insurance in case anyone is injured while visiting the building. If you have employees who work in your building or check your building for you, you also need employer’s liability cover in case they are injured while they are working for you.
If you have any items in the building such as communal furniture in a shared area you should include landlord’s contents insurance and if you have any specific fixtures or fittings you should include fixtures and fittings insurance. What if your tenant intentionally damages the property? While you may be able to recover some costs from the tenant, you may be left with a substantial bill and you can take insurance cover out for this possibility.
If being a landlord is your main income, you should definitely consider business interruption insurance to guarantee your income if your rental income ceases for some reason. This could be as a result of an incident which causes the building to be uninhabitable – so not only would you be left with no rental income, you would have need to pay for reparations to restore the building. As a landlord you also have responsibility to support your tenants – so taking insurance to cover rehousing costs should also be a consideration. Another optional extra is cover for non-payment of rent so that you always have a guaranteed income.
Why choose Property Insurance Centre for Residential Landlord’s Insurance?
Property Insurance Centre have been providing residential landlords insurance since 1976. We work with all types of landlords, from those with a single property to those with blocks of flats/apartments, entire developments and complex portfolios of properties across the country. We know the right questions to ask to make sure you get the cover you need – and not the additional cover you don’t. We have well established relationships with all the main insurance providers and we know the right things to discuss with them to make sure you get the best policy at the best price.
With cover starting from £130, why not call Claire, Robert or Gavin on 0800 085 3761 for a chat about your needs.