As a landlord, it is vital you properly safeguard every aspect of your portfolio. Should there ever be issues with collecting rent, damage to your contents, a home emergency, or an injury that you are liable for, you could be out of pocket and unable to afford the costs of maintaining your property.

There are policies tailored to the risks landlords face. Find out more below.

Landlord Liability
Should a tenant injure themselves on your property from such hazards as loose tiles or an ill-fitted carpet, then you could be held liable. If the injury leads to a lawsuit, a liability policy can assist you with:

• Your legal costs in defending a claim.
• Damages awarded to the claimant.
• The claimant’s legal costs, if you are found to be at fault.

Landlord Liability is often a legal requirement if you are renting your properties as student accommodation or social housing. As a safeguard, it could be argued that it is an essential policy to have in place, regardless of who your tenants are.

Are your properties furnished? You might want to consider Contents Insurance.
It is standard practice for most landlords to let their properties on the condition that the tenant can prove they have a contents insurance policy ready to be put in place on the day of the move. However, if your properties are furnished or semi-furnished, you might want to think about getting your own policy.

Items that belong to you, such as furniture, electrical appliances, and fixture and fittings can all be protected against damage or theft by tenants or third parties. The only thing you will need to clarify with your tenants is that the policy protects your contents and does not extend to their personal items.

Do you have a buy-to-let mortgage?
Most landlords will usually have a buy-to-let mortgage in place. Many providers will also insist that you have loss-of-rent insurance to cover your rent should you not have a tenant for an extended amount of time, or if your current tenant can’t (or won’t) pay the rent.

Loss-of-rent cover also protects you, should a fire or flood make your property uninhabitable. Your tenant will no longer be required to pay you rent, which could put your mortgage in jeopardy.

What about the inevitable home emergency?
Every landlord lives in fear of the dreaded phone call reporting a burst pipe or a broken boiler. To add insult to injury, the cost of an emergency call-out can be quite high. A home emergency insurance policy can assist in covering the costs of emergency repairs and call-outs.

The policy can also assist with the costs of maintenance work, like boiler services, which can help to prevent any serious breakdowns.

 

Contact us today so we can tailor your insurance policy