If you are a rental property owner, it is important that you have the right insurance policy in place. It is important to know that home insurance and landlord insurance isn’t the same thing and landlord insurance can cover a lot more when renting out your property compared to regular home insurance. Your policy could cover things like:

·         Loss of rent

·         Content cover

·         Damage to your property

·         Claims made against you if someone is injured or their property gets damaged

There is no legal requirement to have landlord’s insurance, but it is a good idea to get it as it can cover you against a whole host of things and not just the above.

So why do you need landlord’s insurance?

Landlords insurance Lancashire gives you added peace of mind that it is protected even if someone else is living in it. If you decide to take out home insurance instead of landlords insurance you could be putting yourself at a loss automatically as some insurance providers refused to pay any claims made when the property is being lived in by tenants and not the homeowner.

Also, if you want to get a buy-to-let mortgage, your lender may require you to have extra cover for things like tenant damage and even rehousing costs which isn’t covered under home insurance policies. If you don’t have the right cover your lender may refuse your loan.

What does landlord building insurance cover?

Your landlord buildings insurance will cover generally anything up to the sum of which includes the structure of the building and fixtures and fittings if they were to get damaged in a fire, flood or storm and even any accidents that may occur.

What about contents insurance?

When looking for landlords insurance Manchester, you may find that building insurance covers everything you need it to, however, some rental properties come furnished too, in which case you may want to think about taking out contents insurance with your policy.

The majority of landlord insurance policies have contents insurance included, however, make sure you check before going ahead.

Even if you are letting out an unfurnished property you may want to consider contents cover anyway as the cover will include, white goods, kitchen appliances, and furnishings such as curtains and carpets.

Other covers for landlord insurance

All policies are different so it’s best to check the details of your cover to make sure you are getting everything you need for your rental property. Some other covers of landlord’s insurance may include:

Malicious damage – which will cover any intentional damage to the building or the contents.

Loss of rent – which covers against loss of rent if the property comes uninhabitable.

Landlord liabilities – this covers you against claims from injury to your tenant whilst living at your property or damage to your tenant’s personal property.