{"id":5024068,"date":"2019-07-09T09:35:26","date_gmt":"2019-07-09T08:35:26","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=5024068"},"modified":"2023-10-10T16:06:21","modified_gmt":"2023-10-10T15:06:21","slug":"landlords-insurance-what-does-it-cover-and-is-it-worth-it","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/landlords-insurance-what-does-it-cover-and-is-it-worth-it\/","title":{"rendered":"Landlords insurance: what does it cover and is it worth it?"},"content":{"rendered":"

Buy-to-let property owners and landlords of residential rentals are inevitably exposed to a certain level of risk, and landlords insurance can offer peace of mind.<\/strong><\/p>\n

Of all the things to consider as a buy-to-let landlord to maximise your investment, landlords insurance is a key way of protecting your assets<\/a>. It isn’t compulsory for landlords to take out specialist insurance, and it’s normally more expensive than standard building and contents cover, which can put some people off – but it’s something all landlords should consider.<\/p>\n

Why landlords insurance is important<\/h4>\n

For most people, their property<\/a> (or properties) are their biggest and most expensive asset, and for landlords it is an investment that provides some if not all of their income. Renting out a property comes with its own set of risks, whether related to the tenant or external events, and homeowner insurance doesn’t cater for these specific eventualities. What’s more, many insurers simply won’t cover properties that are rented out with a standard, non-landlord policy, leaving the owner fully exposed to risk.<\/p>\n

While some may baulk at the added expense<\/a> of comprehensive cover, when calculating how much could be lost if the tenant stops paying rent or if there’s an expensive and unexpected repair to be done on the property, most will find that it is actually worth the cost.<\/p>\n

What can you cover?<\/h4>\n

Buildings and contents are routinely covered by any property insurance, although sometimes separate buildings insurance will not be necessary on a rental property if it is owned on a leasehold<\/a> basis and the building is covered through a separate policy with the freeholder, so this is worth checking. Contents cover is only really applicable where the property is rented out furnished<\/a> or part-furnished, as the tenant must arrange cover for their own possessions if they want to. A number of other options can also be covered with landlords insurance, including:<\/p>\n