Landlords beware – are you covered?

Posted on September 28, 2012

A regular home insurance policy will not normally pay out when the property is being used  let out to tenants.

Landlord insurance is a specialist home insurance policy that can help cover you financially for a range of eventualities. For example, it could help you cover costs if your property is damaged, someone gets injured on your property or you need to provide alternative accommodation for your tenants. It’s a kind of home insurance for Landlords.  Whether you’re just starting out or have a whole portfolio to your name – landlord insurance is one of the best ways to protect your investment. There are a number of different policies that you can get, just make sure that you get the one that suits you.

With your landlord buildings and contents cover in place, you should be covered for damage that occurs to the structure of the property or to contents inside it (excluding your tenants’ personal possessions). Policies may differ between providers, but typically landlord insurance will also include the following:

Legal Cover – If rent disputes arise, this cover can help you deal with necessary legal costs. This part of Landlords insurance could also be helpful if you ever needed to evict squatters.

Landlord Liability Cover – This could protect you against large compensation claims if someone is injured as a result of a fault in your property. For example, accidents could occur due to ill-fitting carpets or faulty light fittings.

Many landlords who own apartments in blocks have the building element insured are part of their ‘Block Policy’ within the Service or Management Charge, it is worthwhile to investigate what cover this offers to you and your tenants.

Don’t be left uninsured, Hackett Property, with your permission can pass details to an insurance provider to contact to discuss further.  Please email, telephone or contact us through our website for further information.