When renting out a property you need to be aware that you will require specialist landlord insurance. General home insurance isn’t right for you as it doesn’t cover all third party risks that you may encounter by having tenants.
Right Estate Agents provide you with a quick look at the different options available to you.
Landlords specialist buildings Insurance
Your mortgage provider will require you to purchase specialist landlord buildings insurance for your rental property.
As standard buildings insurance generally covers your property against loss or damage caused by:
As well as covering all of the above, a landlord’s building insurance policy differs from a standard home insurance policy when it comes to cover elements that relate to tenants living in the property such as:
Landlords don’t normally need full contents cover for their rental property, unless the property is let fully furnished. However you may want to give yourself some protection for the things you do provide.
You can usually choose the level of cover that suits your rental property to protect your items against fire and theft. Landlord’s contents cover includes furniture, household utensils, kitchen electrical equipment and soft furnishings, including carpets and curtains – basically anything that could be removed from the property. You can often extend the cover to include accidental damage too, a popular addition for landlords.
Rent Guarantee insurance
Economic times have led to more and more landlords needing to protect their rental property investment and their income more than ever before. Even the best tenants can find their circumstances changing, resulting in them being unable to meet their rental commitments.
Having a rent guarantee policy in place can protect you from being out of pocket by helping you recover rent arrears. Legal cover is often provided as standard as well, giving you access to a panel of solicitors to provide help and advice on legal matters, not limited to letting a property.
If you would like some assistance to sell or let your property, please contact Right Estate Agents on 0845 026 8527 or visit our website.