While landlords are not legally required to have home insurance, it can save you a lot of money if ever anything goes wrong. It's worth noting that regular home insurance will not cover you if you are renting out your home or flat, so specialist landlord insurance is worth looking into, just to make sure you’re safe. In this article, we’ll quickly inform you of the bare minimum insurance that you should have, and what it protects you from.
To start things off, you'll need to pay for building insurance, which covers the property's makeup, like walls and windows. If you were buying to rent, most agents wouldn’t accept a rental property without this at least. Building insurance is really important in covering you in the event of a fire, flood or other damage inflicted on your home.
While this is the absolute minimum expected, you should seriously consider taking out contents’ insurance, as well as liability insurance if you're a landlord.
This is especially useful if you are renting your property out to students, and/or renting out a fully furnished property. Taking out cover on accidental damage might even be more of use to you, since most damage that is caused in rented properties is by accident. Properties rented out to students are a little more accident prone than usual, and injuries are not uncommon, which also opens a case for liability insurance.
Finally, it's a good idea to be protected from any periods where the property is empty, as boilers, pipes and the like deteriorate the less they’re used. On top of this, you can also implement a special clause in your landlord insurance that covers loss of rent during empty periods. If the property you're renting out is relatively large and costs a lot to pay the mortgage of, this insurance will be helpful, and can even stop you from having your rental home repossessed.
At RentMyHomeToday, we:
Contact us above!