Landlords Insurance

When you’re a buy-to-let landlord, it’s essential to look after your investment by insuring its buildings and contents. While conventional home insurance may still cover you, there are extra risks involved when tenants are living in the property, which means you may want to consider taking out specialist landlord’s insurance.

If you’re letting a property that was your home it’s vital you tell your existing insurer you are doing so or your policy could be null and void. Your insurer may be happy with this, although it may require that your tenants meet certain criteria, and may offer you the same cover at no extra cost. “If your existing insurer says it will cost more, look around for another policy,” advises Malcolm Harrison, spokesman for the Association of Residential Letting Agents.

There may also be the choice to pay for extras such as accidental damage cover, employer’s liability cover and legal protection to cover any legal costs that arise as a result of letting a property, such as for property protection or debt recovery, which can be particularly worthwhile in view of how costly legal services can be.

In addition, home emergency cover can also often be added. This pays for contractors’ call out charges, labour and parts and materials up to a set amount to sort out problems in a range of areas including drains, heating and roofing – especially useful if you manage the property yourself and live far away from it.

Numerous mainstream insurers now provide landlord’s insurance, including Sainsbury’s Bank, Norwich Union and Endsleigh, but you may be able to get a better deal on a more suitable policy through smaller specialist insurers and specialist buy-to-let mortgage brokers such as Landlord Mortgages, so investigate your options thoroughly.