Landlords Insurance

Landlord insurance is a type of home insurance which is specifically designed for people who rent their property out to tenants.

Although it is not a legal requirement to have a suitable landlord insurance policy, you may find that your property is not covered when it has tenants renting it from you, even if you have regular home insurance. This is because the risks associated with leasing your property out are far greater in the eyes of insurers than the property owner living in the property.

There are several different aspects to landlord insurance, which can include some, or all of the following types of insurance:

• Buildings insurance: covers accidental damage to the structure of the building, and often includes fitted kitchens
• Contents cover: this insures your carpets, curtains and furniture
• Liability insurance: to cover you if you are taken to court, and can also include property owners’ public liability or employers’ liability cover
• Unoccupied property cover: to cover you in between rental tenants
• Rental protection insurance: this covers loss of rent if for any reason you cannot let out the property due to damage

Insurance for Rental Property

When you decide to rent out a property, you are putting it in the hands of the people who are going to be living in it. This can be a great source of income and a way to keep your property occupied, but there are always going to be risks associated with letting strangers use your property. Therefore specialist landlord insurance is a great way to protect yourself and your property should things go wrong.

It is not a legal requirement to have landlord insurance, however most home insurance policies will not cover property which is rented out to tenants. This means that landlords can be in a tough situation should any accidents happen, the property is damaged, or the tenants injure themselves due to issues with the property. Landlord insurance policies provide specific cover for landlords, insuring you and your property in the event of accidents or incidents occurring.

Business Insurance for Landlords

Many landlords operate as property businesses, with many homes and buildings in their portfolio. There are business insurance deals available for landlords which offer protection for multiple properties on one policy, so it is certainly worth speaking to us here at Erskine Murray to find the best landlord insurance for your needs.

In the event of something going wrong with one of your properties, you will want to have it fixed and ready to rent out again as quickly as you can. The policies available for landlords allow you to protect your property and have it back up and running in a swift manner ready for more tenants. Optional rental protection insurance can help you to safeguard your rental income during times when you are unable to rent your property out, such as when it is being refurbished or repaired.