As a landlord, a standard home insurance may not provide enough cover, so that's where landlords' insurance comes in handy.
Also known as buy-to-let insurance, it typically includes buildings insurance to cover against events such as fire, flooding and subsidence. And if you're renting out a furnished property, it's worth considering contents insurance as this can protect everything from your furniture to the TV you provide to your tenants.
When getting a quote for your landlords' insurance, you could add the following extras to your policy:
- Cost of repairing damage in an emergency following a gas leak, burst pipe or pest infestation
- Accidental damage cover for the building and/or its contents
- Legal cover to recoup lost rent
- Compensation claims due to tenant injury
- Loss of rent in the event the property is left uninhabitable
- Loss of income cover if your property is damaged, and your tenants are forced to move out
- Property owner's liability cover to meet any costs and damages if a member of the public suffers an injury, or damage to their property
Don't forget, if you have a number of properties, you can usually insure them under a single policy.
Landlords' insurance usually covers the most common risks associated with renting out a property. But they do differ in their coverage so it's important to check the small print.