Residential landlord insurance

What does residential landlord insurance cover?

However careful you and your tenants are, accidents do happen. A residential landlord policy protects you against risks not covered by a normal home insurance policy, which can include: 

• Fire, flooding, and even vandalism – any of these can cause a lot of damage, and if you have tenants, you’ll want to get back to normal quickly with specialist buildings and contents cover
• Landlord liability is another key risk. From a loose floor tile to an electrical fault, injury to your tenants or damage to their property is covered by your liability insurance
• Loss of rent due to flood, fire or other disaster is any landlord’s nightmare. If your tenants move out and you’re missing out on rent, your policy could cover you for the financial loss, or help you provide alternative accommodation until things are fixed.

Remember, a residential landlord policy covers you for risks attached to tenants living in your property. If your property is being rented by a third party business, like a shop or small office, you’ll need a specific commercial landlord insurance policy or a combination of both, through comprehensive landlord insurance.

Watch the details

It’s very important to make sure you understand what you need from your residential landlord insurance. Use the check points below to get you thinking.

• If you employ people, even in your own home, you’re legally obliged to take out employers’ liability insurance. Not doing this could lead to a heavy fine
• Make sure you read and understand any exclusions to your policy. Simply Business offers you the chance to read the policy documents in full before you buy
• Remember that conventional home insurance policies will not cover a buy-to-let property
• You should state the rebuild cost of your property, not its market value, when buying buildings insurance