Five Questions About: Landlords' insurance

 

Laura Howard
Friday 27 April 2012 18:09 EDT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

What is landlords' insurance?

If you rent a place to tenants, standard house insurance is not adequate. You will need landlord's insurance.

What does it cover?

It should include third-party liability, in case a tenant damages or destroys the structure of your property. It should also cover the cost of rehousing them should the home be inhabitable due say, to a fire or flood. In addition there should be contents cover for any furniture left in the property that belongs to you. Finally, it should protect you with liability cover in the event that a tenant or their visitor is injured at your property and claims against you.

Will it cover me if tenants don't pay their rent?

Not as standard. Rental guarantee cover is an "add-on" which will increase your premium. Alternatively, it can be bought as a standalone policy. Legal cover – which pays expenses should you need to take your tenant to court – will also cost extra. It could be worth considering as court fees can start at around £800, before you factor in the loss of rent.

Where can I buy landlords' insurance?

It is as easy to buy as standard home insurance. You can find a reputable list of insurers and brokers at MoneySupermarket, for instance. But don't make your decision on price alone. Terms and conditions vary considerably so ensure the policy covers exactly what you need.

What if I am a landlord with more than one property?

Rather than covering each home individually, you can buy multi-property landlords' insurance, on which discounts are usually available.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in