What is Landlord Insurance?

Robert Brown • November 20, 2018

If you’re a landlord renting your property out, then home insurance might not be enough to cover you if you run into problems with your property or enter a payment dispute with those renting your home. Landlord insurance is designed to protect you in the event of the common issues that you can run into when it comes to rental properties, such as physical damage or loss of rent related to your tenant/s.

The insurance itself is made up of three policies; Building, which covers the physical space that you own itself, Contents, which covers everything inside the building and Tenant Protection, which is designed to cover you from the potential risks that tenants bring such as loss of rent, or damage caused to your rental property.

It’s important to make sure that you choose the correct cover for you and the home that you’re renting out when it comes to landlord insurance; a flat owner would not need the building insurance aspect as this would already be covered, but a house owner certainly would, for example. Contents insurance is especially key for those landlords who supply their properties furnished and would look after those objects in case of damage, whilst an absence of Tenant Protection could see your wallet hit hard should your tenant damage the property deliberately.

Landlord insurance also offers a lot of the standard damage cover that a home insurance policy would, with fire, storm, flood, water and impact damage typically included. Returning to Tenant Protection, it also offers cover for the legal cost of having to evict a tenant as well as having to replace the locks.

It can also help to compliment your existing home insurance policy, so if you take all three landlord policies out, then you won’t require further contents or building insurance. Conversely, if you already have contents and building covered in your pre-existing home insurance, then you would need only purchase rental protection to offer comprehensive protection.

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