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Landlord Insurance Explained

Published: 20/10/2021

If you're thinking about investing in landlord insurance, although it is not a legal requirement, we advise our clients to seriously consider it.

We have listed below some of the things you need to know about landlord insurance, including the different types of insurance available.

Landlord Insurance explained

Landlord insurance gives you protection against most risks associated with renting. It covers protection against damage to the property and your contents. However, there are supplementary policies you can take out to cover such things as missed rental payments or boiler breakdowns.

What Landlord Insurance Should You Get?

There are many landlord insurance policies available, and each one will cover you for different circumstances. The main cover includes:

  • Building insurance covers the repair of structural damage and in the event of fire, storm, flood or other accident, fixtures and fittings. 
  • Contents insurance covers damage or theft of furnishings, including carpets, curtains and white goods. However, this doesn’t include tenant's property which they should insure themselves
  • Liability insurance covers the costs if your tenant, or you, are injured at the property.
  • Rent guarantee covers missed rent payments and legal fees, should you have to take the tenant to court.
  • Home emergency protects you in the event of an emergency, like a boiler breakdown, plumbing issue, security, or pest control.
  • Key care covers the cost of fitting new locks and supplying new keys to the property
If you’re unsure which type of cover to take out, you can get advice from yours letting agent or check with your mortgage lender.

3 Things You Should Know About Landlord Insurance

Landlord insurance is different to regular home insurance. If you have home insurance but rent it out, your policy will automatically be void as basic home insurance won’t cover you as a landlord.

Some Lenders Mandate It

It's not a legal requirement to have landlord insurance but the majority of mortgage lenders will make it mandatory before agreeing with you, and if you don’t comply, you could be breaking the terms of your mortgage.

It’s Tax-Deductible

As with most landlord expenses, you can often claim back on the costs of your landlord insurance. Make sure you keep payment records and notify your accountant about the costs.

Bulk Discounts Apply

If you have multiple rental properties, you may be able to get a discount on your landlord insurance as many providers will offer you a discount on a bulk policy.

Rent with Confidence

At Circa London, we can help you rent your property with confidence and security. For more advice, please get in touch with us today on 020 2137 7877.
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