FACT CHECK – Do Landlords Need Insurance?

do landlords need insurance

This blog will discuss why do landlords need insurance and what do landlords need insurance for. By the end you will fully understand what this insurance cover does and be prompted to make sure you have cover in place to protect you and your property.

What is Landlords Insurance?

Landlords Insurance is a form of building insurance designed to protect property owners from loss or damage related to their property ownership. Whether it’s a commercial premises or a residential property, property owners who are landlords have different needs than most regular homeowners. There are many specialist insurance providers able to create custom policies that combine individual protections under a single, easy-to-manage policy. Your buildings are your prized assets, so it’s sensible to find the best policy to protect your financial investment.

Common coverage options in a landlord’s insurance policy include buildings insurance, contents insurance, public liability, employers’ liability, loss of income, loss of rent, accidental or malicious damage and property repairs.

Why do landlords need insurance?

Do landlords need insurance? Well, your regular home insurance policy is unlikely to cover activity in a property you rent out. So, if you want to safeguard your income, it is essential to obtain specialist landlord insurance. And although landlord insurance might not be a legal obligation, most buy-to-let mortgage lenders will also require that you take out property owners’ insurance before your tenants can move in. So, yes landlords do need insurance, not to mention that if the building or the contents inside are damaged, or you get into a dispute with your tenants, you could incur some hefty and unexpected costs. A proper landlord insurance policy will keep your investment safe and will help get your property back up and running, should something go wrong.

Where to get a Landlords Insurance quote

With any type of insurance, it’s important to browse the market to ensure that you are getting the most suitable policy for your requirements at the best possible price. This can be a very long-winded task, not to mention confusing with all the potential add ons you might need for appropriate coverage and complicated insurance jargon to read through. By using a professional broker, you can rest easy knowing it is their job to advise you on the best policy to go for and which provider to use for the best price.

1st Choice Insurance are an independent brokerage, which means that we are not tied to any specific insurance providers or corporations, so you can trust that our advice is unbiased. Give us a call on 01743 770 500 and speak to a friendly and knowledgeable member of the team. Let us save you time, hassle and money on your landlord insurance quote.