What insurance do landlords need?

Chris Keenan • November 26, 2019

With changes to legislation and a challenging rental market to tackle over the last few years, landlords could be forgiven for raising an eyebrow at the need for insurance. Yet whilst landlords are not legally required to have cover in order to rent out their property, having appropriate insurance policies in place could save you several massive headaches.

Do I really need insurance?
As mentioned, there is no legal obligation to insure your property, but insurance products exist as a means of protection against unforeseen events, such as damage to your property or injuries sustained by renters during their tenancy. A lack of coverage could leave you in real financial danger in such eventualities.

It’s also worth mentioning that many lenders will insist that you have a buildings insurance policy in place before approving your Buy-to-Let mortgage, which certainly acts as an extra incentive if you’re considering purchasing a property with the intention of letting it. Whilst acting as an essential requirement for your mortgage, it’s also a vital part of safeguarding your property as it covers against flood and fire damage.

What cover can I purchase?
There are several types of insurance cover that landlords can purchase that will assist them in the most common issues faced with rental properties. They are:

• Buildings Insurance – as mentioned this cover acts as protection for your property’s structural elements, such as its windows and walls. It also offers vital coverage for instances such as flood and fire damage.
• Contents Insurance – if you’re renting out a furnished property, then this protects you in the event that your possessions such as furniture, kitchen appliances or beds are damaged or stop working.
• Liability Insurance – should an injury occur on your property for which you are held liable due to negligence, liability insurance will protect you in the event that the tenant sues you.

Recent Posts

Brexit and Car Insurance: Do You Need A Green Card?

By Niraj Mamtora • January 6, 2021
Brexit has affected a lot of policies. It is only natural that one may worry about what their travel insurance policy is going to be like as a result of this. Being a client of Forum Insurance, you will still get cover in all the countries enlisted in the Insurance guide. The duration of the cover is 90 days which can be further extended for an additional 12 weeks (maximum) based on our prior agreement.

test

By Adrian Pountney • January 5, 2021
Testing

Where And How To Find The Best Cover For Your Property

By Anton Hilton • December 7, 2020
Owning a property means there are tons of things that you need to take care of at all times. After all, it is a long term investment, and you need to safeguard it in any way possible. Among all of that, one of the most important things is getting insurance for your property in case the worst happens. So, what do you do to protect your property? You get insurance for it. Now, we will explain to you how and where you can find the best cover for your home, so when things go south, your house is fully protected, and you are not left with thousands of pounds in expenses. 

Cybersecurity – Corporate’s Constant Top Risk

By Anton Hilton • November 24, 2020
The Chartered Institute of Internal Auditors (Chartered IIA) has seen cybersecurity rank as its top risk for the third year straight. But their survey has also brought new dangers to light with the recent surge of COVID-19 seeing disasters and crisis preparedness ranking as a new top five risk. The results came about after a comprehensive survey of over 570 Chief Audit Executives. Of these, 79% labelled cybersecurity as one of the greatest corporate risks that they had to deal with, whereas 27% labelled it as the single greatest risk. This growing fear of having inadequate cybersecurity has seen a surge with the advent of remote working as individuals and companies are now all the more reliant on technology, making them that much more susceptible to viruses, phishing activities, and malware practices. 

Hackney Borough Council Suffers Serious Cyber Attack

By Anton Hilton • November 23, 2020
Hackney Borough Council is scrambling to support its IT systems and operations after being at the receiving end of an unfortunate cybercrime. Located in North London, the Council is carrying out procedures in collaboration with the National Cyber Security Centre in a bid to estimate the gravity of the situation. Being absolutely devastated by this breach, Hackney Council has also reached out to the Ministry of Housing, Communities and Local Government as well as professionals of the cyber security world with requests of assistance.
Show More

Brexit and Car Insurance: Do You Need A Green Card?

By Niraj Mamtora • January 6, 2021
Brexit has affected a lot of policies. It is only natural that one may worry about what their travel insurance policy is going to be like as a result of this. Being a client of Forum Insurance, you will still get cover in all the countries enlisted in the Insurance guide. The duration of the cover is 90 days which can be further extended for an additional 12 weeks (maximum) based on our prior agreement.

test

By Adrian Pountney • January 5, 2021
Testing

Where And How To Find The Best Cover For Your Property

By Anton Hilton • December 7, 2020
Owning a property means there are tons of things that you need to take care of at all times. After all, it is a long term investment, and you need to safeguard it in any way possible. Among all of that, one of the most important things is getting insurance for your property in case the worst happens. So, what do you do to protect your property? You get insurance for it. Now, we will explain to you how and where you can find the best cover for your home, so when things go south, your house is fully protected, and you are not left with thousands of pounds in expenses. 
Show More