What is landlord insurance? Find out more about covers to protect your property
Do I need landlord insurance?
Landlord insurance is not a legal requirement if you are a property owner, however, if you employ staff then you are legally required to take out employers’ liability cover. If your properties are mortgaged you may also require landlord insurance as part of the terms of your loan, in which case you’ll need to check with your lender to see what requirements they stipulate in your contract.
Legal obligations aside, having landlord insurance in place is recommended as it can protect you from a number of events which could prove costly if you don’t have insurance in place.
What type of landlord insurance do I need?
Property owners liability cover
Property owners' liability cover is designed to cover landlords against large compensation claims because of injury or harm to a person or their possessions in their building. For example, if a shelf collapsed and harmed a tenant as a result of your negligence, you could be liable to pay compensation. Property owners' liability cover is designed to protect you in this instance.
As a landlord, you have a duty of care to all who use your building and this cover can help protect you from claims not just from residents, but third parties too.
Employers’ liability cover
Landlords building and contents insurance
Much like your home, it’s a good idea to protect your buildings and their contents with the right insurance cover. If your property is mortgaged it may be a requirement from your lender that you have buildings insurance in place. This is designed to protect you in the event of damage to the building, such as a collapsed roof, or against other issues such as fire, vandalism and even natural disasters.
Contents insurance can protect your property from damage by tenants, third parties and theft. Contents insurance should be considered if you rent your properties as furnished, or use your property to store things of value, such as furniture, electronics, tools and other equipment.
Some policies may also include additional business interruption insurance which is designed to help landlords with compensation in the event of financial losses caused by interruption to normal business, such as your property becoming vacated for an unexpected period because of a fire or similar.
Loss of rent cover
Commercial legal protection
Landlord insurance covers
Our advisors have a wealth of experience finding the right cover for landlords. Whether you own a residential property like a small home or a block of flats, student properties or even commercial premises, our team can review your insurance needs and advise you on the best policy from a huge range of insurers at competitive prices.
Find out more about our property owner's insurance packages or get in touch today to discuss a bespoke risk management plan.