Your Guide to Landlord Insurance

Here at we deal with plenty of landlords and one topic of conversation which comes up quite frequently is landlord insurance as we're often asked what types of insurance are available and exactly what insurance is required. The simple answer is no, as a landlord you are not legally obligated to purchase specific landlord insurance however, it is extremely adviseable to do so as a property is usually a long term investment and it only takes one unexpected incident to occur for the property to cause considerable damage greatly hurting the return on your investment. Also, you need to be aware that should a tenant injure themselves while staying in your property you may be liable and having insurance in place can help protect you from this. Types of insurance include building insurance, contents insurance and house insurance and while insurers will often offer hefty discounts if you purchase each option you shouldn't necessarily rush into any hasty decisions as they may not all be for you!

The majority of landlords we deal with do not provide contents insurance and they inform their tenants of this. Should this tenants wish to insure their valuables in the event of damage or theft it this their responsibility to do so. We find that this is usually the best way forward because as a landlord you have no way of knowing exactly what valuables need to be insured and when you take out the contents insurance policy you will need to declare valuable items; any incorrect information may void the policy or not provide the payout that is expected.

On the contrary, every landlord we have ever encountered has opted to take out a buildings insurance property. This type of landlords insurance generally comes at a low cost and protects your investment in the event of damage to your property in the event of issues such as earthquakes, floods, fire and lightning. Should any damage occur to your property which prevents you from renting it, the damage could amount to a large amount of money and therefore, protecting your investment with buildings insurance is generally considered as a must.

Additional options which insurers often provide include legal cover should a tenant ever take legal action against you and insurance for contents which may be damaged in the event of a flood or storm. These add ons often come at a premium but are well worth considering should you feel that you wish to protect yourself as much as possible.

Costs of Landlord Insurance
The almighty question that every landlord eventually asks is how much is it all going to cost? Unfortunately, there isn't really a straightforward answer to that question. The cost of landlord insurance depends on a combination of factors such as the cost to rebuild the property, the value of the property, the location of the property and even the number of people living at the property. There is no shortage of insurance providers and each provider will give their own quotation so we always advise that you contact a number of different insurers and get a number of quotes before signing on the dotted line. If you shope around and find the right insurer, odds are your landlor insurance won't cost a fortune but it could potentially save you a fortune.