What is Landlord Insurance: Do I Really Need Landlord Insurance?
Making the decision to rent out your property is no small feat. You not only have to make sure you have the right insurance to cover you, but you also have to ensure everything, and you have to make sure that you have absolutely no personal valuables stored in the property.
If you’re a property owner, deciding to let out your property is a huge step. You’ll need to make sure you don’t have any valuables stored in the property, ensure absolutely everything and make sure you have the best and most suitable landlord insurance to cover you.
It can seem daunting to explore landlord insurance and you may be tempted to leave it out but it is of vital importance that you do your due diligence and find the right landlord insurance for you before you rent out your property to anyone.
Landlord’s insurance is an essential and specialist cover for a property being let out. Most policies will cover things like water damage, loss of rent, storm damage, claims of injury within the property, contents cover and more.
There is no requirement in law for you to have landlord insurance but most mortgages will require to you have landlord insurance before even going through the first steps of letting your property.
Make sure you thoroughly check your mortgage agreement for the specific stipulations on renting and landlord’s insurance – otherwise you may accidentally break the terms of your contract.
So yes, landlord insurance is essential, and it will also give you peace of mind, knowing that your property is protected even when it’s vacant between lets.
Landlord buildings insurance usually offers buildings cover up to a certain amount (the sum insured) to insure the structure of the building, plus any fittings and fixtures in case they are damaged in a storm, flood, fire or an accident.
Your landlord insurance will usually cover up to or more than the sum it is insured for to deal with things like structural problems, or any damage. However, landlord insurance policies can differ significantly, so it’s important for you to learn exactly what your policy details.
Most policies will cover the below
There are several other types of cover that landlord insurers will offer that are also optional. Be sure to read your policy thoroughly to ensure that you have cover that suits your needs and you aren’t caught out my anything unexpected.
The large amount of information can be a bit overwhelming, but don’t worry! ZFA is here for you to answer any of your questions and help you make the right decision. There are also multiple online resources like Compare the Market or Money Supermarket to review insurance policies and providers to help you find the right one for you.
Need advice or looking to let out your property and Landlord Guaranteed Rent? Contact us today firstname.lastname@example.org – 020 8514 3333 and we’ll take care of everything, so you can get on with the important stuff.
I have been working with ZFA for 4 years and they manage my full portfolio. I don't need to worry about a thing, they manage every aspect of my properties - highly recommended.
Mr Stephen Jones