If you’re renting out property you want to make sure you’re not spending money putting things right when the tenants cause problems- landlord insurance ensures that you get assistance with any damage to your rental home and contents so you’re not having to pay out of pocket for things that aren’t your fault.

Building insurance for landlords covers you in most cases where you need to make repairs or rebuild certain parts of the building and gives you cover against fire, flood, storm damage and any other kind of accident damage caused by tenants or factors beyond your control. Some places will let you cover up to £2 million worth of your building. In addition you should really get contents insurance to make sure that any of your own possessions or furniture in the house are protected in the case of theft or damage. This again means you’re not paying out of your own wallet to put things right. You can be covered on a new-for-old basis (where any lost, stolen or damaged items are replaced with brand new ones) for up to £50, 000. Finally landlord liability insurance covers you for up to £2 million with some insurers in case of injury to yourself or the tenants during the time you live there, you can also have up to a year’s worth of loss of rent insurance. This is not protection against tenants who don’t pay up, but is in fact assistance in case you cannot let the house out for a certain period of time due to repairs or renovation to compensate your loss of earnings. However, for protection in  case of a tenant being unable or unwilling to pay rent you can compensate up to £15,000 of rent arrears and up to £10,000 legal fees- this is known as rent guarantee insurance and is a must have for all landlords.

You should always remember that home insurance doesn’t cover for rental properties in the correct way, so you always need to make sure you have correct landlord insurance to protect you and assist you in any times of crisis. Like many specialist insurances it’s a good idea to shop around to find the best deal or even go to a specialist company like JUSTlandlords.

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