Specialist landlord insurance isn't required by law but many insurers will refuse to pay out on a claim if you don't have it. This is because a standard home policy might not provide enough cover for the risks you face when renting out your house, such as:
- The cost of repairing damage caused by emergencies like gas leaks, break-ins and burst pipes
- Rent lost through damage to the property from events like flooding, storm and fire
- Compensation claims from tenants hurt or injured by an accident your property has caused
- Loss of rent if an accident leaves your property unoccupied and you're potentially unable to meet your mortgage repayments
A landlords policy could cover you for these events so you're not hit by any unexpected costs.