If you own a buy to let property, or indeed a portfolio of buy to let properties, it’s recommended that you consider taking out landlord insurance. Furthermore, most mortgage lenders will require you to have suitable landlords building insurance before securing a mortgage.
WHAT DO I NEED TO KNOW ABOUT LANDLORD INSURANCE?
Landlord insurance is very similar to home insurance in that it covers your building and contents should a number of unforeseen circumstances occur.
Traditional home insurance is comprised of buildings and contents cover which will cover the property should it be impacted by events like fire or vandalism, with the contents would covered in the event of loss or damage caused by theft, or water damage for example. Landlords insurance generally provides a wider scope of cover and should be considered
Specific landlord insurance can also cover you for any damage to the property caused by the tenant, loss of earnings, failure of tenants to pay rent, and any injury caused by accidents within your property.
Additionally, should your tenants require rehoming as a result of an insured event, landlord insurance will cover these costs as well.
Although there is currently no legal requirement for you to take out landlord insurance, some mortgage lenders will specify that a suitable landlords building insurance policy it is in place before they agree to lend. A standard home insurance policy covers buildings and contents, it will not cover you against the possible risks faced specifically by landlords.
Landlords have a lot of responsibility when it comes to ensuring the safety of the tenants within their property, and some things are out of their control, and this is where landlord insurance can be valuable.
HOW CAN ENNESS HELP WITH LANDLORD INSURANCE?
Enness works with experienced insurance partners who specialise in landlord insurance. As such our brokers will be able to identify if this is necessary for you and guide you accordingly, referring you to our trusted contacts.