Why do I need Landlord Insurance if I’ve got Home Insurance?
If you’re a Landlord, then you’ll need specialist insurance to make sure you’re covered against insured losses connected with rental properties.
Otherwise, if you’re renting out your property and something happens
Your home insurance provider may refuse to pay your claim
Leaving you to foot the bill
Ok, so what’s the difference?
Not only does Landlord insurance cover the basics like fire and flood damage
It can pay to have your tenants re-housed if the property can’t be lived in
You also get Public Liability cover, in case your tenants get injured or damage occurs to neighbouring properties, and legal action is taken against you.
Plus you can also extend the policy to cover malicious damage by your tenant,
For example if they deliberately tear out the pipe work and sell it, run a cannabis farm or vandalise the property
You can even get insurance for multiple properties on just one policy
And what about repairs?
When choosing your insurer for your building, check to see if the policy includes breakdown cover for your boiler
And as long as it’s not due to wear and tear,
You will be covered under a Direct Line landlord insurance policy.
The buildings part of your policy will also include cover for built-in equipment like bathrooms and kitchens
and you can include contents as part of your landlord insurance,
Which will cover equipment like fridges and washing machines which you may have left in the property for tenants to use