{"id":2810,"date":"2012-07-06T06:52:26","date_gmt":"2012-07-06T06:52:26","guid":{"rendered":"https:\/\/www.lettingaproperty.com\/landlord\/blog\/?p=2810"},"modified":"2025-01-29T10:59:00","modified_gmt":"2025-01-29T10:59:00","slug":"why-you-need-landlords-insurance","status":"publish","type":"post","link":"https:\/\/www.lettingaproperty.com\/landlord\/blog\/why-you-need-landlords-insurance\/","title":{"rendered":"Landlord’s Insurance – What You Need and Why You Need It"},"content":{"rendered":"\n

Landlord’s insurance protects landlords against financial losses associated with their rental property. With the ever-increasing demand for rentals, landlords need to safeguard their homes \u2013 and their rental income \u2013 against any eventuality. <\/p>\n\n\n\n

As a landlord, you will need several types of insurance to safeguard every aspect of your rental. In this article, we will cover the different policies landlords need, what exactly each protects, and \u2013 most importantly – why you need them in place. <\/p>\n\n\n\n

Landlord’s Insurance: Buildings Insurance <\/strong><\/h2>\n\n\n\n

Buildings Insurance covers the cost of repairing the structure of your property in the event of any large damage. A general policy usually includes protection from damage caused by bad weather, fallen trees or lampposts, fires, explosions, frozen or burst pipes, vehicle collisions, vandalism and theft. Small maintenance work needed due to general wear and tear is not<\/strong> covered by building insurance. <\/p>\n\n\n\n

Without building insurance, you could be putting yourself at serious financial risk. Although the likelihood of severe weather damage or break-ins may be low in your area \u2013 you shouldn\u2019t leave things to chance. The potential loss and serious emotional stress that damage like this would cause you without insurance would be far worse than paying a premium.<\/p>\n\n\n\n

Having building insurance in place may be a condition of your mortgage. If you\u2019re not sure, check your agreement to confirm.<\/p>\n\n\n\n

Landlords must know that Homeowners Insurance does not apply to a rental property. Instead, building insurance is required. <\/p>\n\n\n\n

Learn more about the difference between landlords’ and homeowners’ insurance here.<\/p>\n\n\n\n

Buildings\nInsurance is also available as a combined policy with Contents Insurance. <\/p>\n\n\n\n

Landlord’s Insurance: Contents Insurance<\/strong><\/h2>\n\n\n\n

Two types of contents insurance are available to landlords: Limited Contents Insurance and Full Contents Insurance. <\/p>\n\n\n\n

Limited Contents\nInsurance is an ideal policy for landlords renting out an unfurnished or part-furnished\nproperty. It covers items such as white goods, electrical equipment, carpets\nand curtains. <\/p>\n\n\n\n

Full Contents Insurance would be more appropriate for a landlord renting out a fully furnished property. This will protect everything in the property that the landlord has supplied and give them peace of mind, knowing that if anything is damaged by the tenant, the cost is covered.<\/p>\n\n\n\n

It\u2019s important to remind your tenant that their belongings are not covered by your Contents Insurance. To protect their own possessions, they must take out their own policy<\/a>.<\/p>\n\n\n\n

Many landlords purchase Buildings and Contents Insurance as one policy. Our partners at Alan Boswell can give you a quote for your property today<\/a>. If you already have insurance, Alan Boswell will aim to beat your current premium<\/a>.<\/p>\n\n\n\n

Landlord’s Insurance: Liability Insurance<\/strong><\/h2>\n\n\n\n

Liability Insurance protects the landlord against any loss, damage or injury sustained by the tenant or their visitors while in the rental property. It will cover the landlord\u2019s legal costs if the tenant files a personal injury claim. However, the best way to avoid this happening in the first place is to ensure the property is safe secure and in good repair before the tenant\u2019s move in and to ensure all maintenance and repairs required are carried out immediately.<\/p>\n\n\n\n

What affects your insurance premium?<\/strong><\/h2>\n\n\n\n

For all landlord insurance, several things will affect the cost of your premium. <\/p>\n\n\n\n