Household insurance will not typically cover a rental property. Instead, insurance companies offer a specific Landlord Insurance which designed for rental properties. There is no legal requirement to take out Landlord insurance, but it is strongly recommended.
The minimum level of insurance recommended is Landlord Buildings Insurance. This offers protection against costs associated with damage to the actual structure of the building. This includes things such as damage resulting from a natural disaster (e.g. fire, flood or subsistence). It will also cover the structure of the property including walls, floors, ceilings, roof, windows, doors and permanent fixtures and fittings, such as a fitted kitchen and bathroom suite.
As well as the structure of the property, it’s important to consider the inside of the property too. Contents insurance covers anything inside the property that is fundamental to the property or belongs to the landlord personally. This includes things such as fixtures & fittings, carpets, curtains, white goods and any furniture provided by the landlord. Some contents insurance policies will cover accidental damage, which includes damage to flooring or broken furniture. Additional extras can also be added offering protection against things such as malicious damage.
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Rent guarantee insurance
Landlord insurance policies offer additional extras which may help save you money in the long term. Rent guarantee insurance will offer protection to your rental income against tenants falling into rent arrears and associated costs to remove the tenant from the rental property if applicable.
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Legal Expenses Insurance
Landlords may find themselves faced with legal proceedings regarding cases of trespass or nuisance or prosecuted under gas, furniture or electrical equipment regulations. Legal expenses cover offers protection against such things and is often considered a worthwhile investment.
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