What insurance should a landlord have?

Do you know your ‘landlord building insurance’ from your ‘landlord contents insurance’? If you’re new to the landlord game firstly, welcome. Secondly, let’s take a look at what insurance a landlord should have. 

When it comes to landlord insurance, there’s not one size fits all. However, you will want to look at competitive rates that offer you substantial cover putting your mind at ease. 

Insurance that all landlords should have 

Insurance is right up there with one of the most essential parts of setting up your property business. The reason you got into the property game was to invest in an asset and see a good return on that asset. 

You’ll be wanting to protect the property as well as the contents inside it. Take a look at our fixtures and fittings advice page to understand what you should be checking regularly for health and safety. 

Securing the contents of your property 

Not all landlords offer rental properties furnished but it is becoming more and more attractive to tenants who don’t want the initial outlay of cost when it comes to furnishing a place. 

If you’ve provided furnishings in your house first of all make sure they are safe and adhere to fire safety standards. In addition, you need to make sure the fittings work. Running PAT tests on electrical appliances will put your mind at ease before the tenancy. 

Tenants will be living in your asset causing wear and tear as well as (from time to time) damage. It comes with the territory, unfortunately. With the likelihood that you won’t receive the property back exactly the way you found it, your insurance will be able to safeguard your contents and property for damage that is not ‘wear and tear’.  More importantly, there may be damage which is not linked to the tenants occupying it that will need to be sorted out urgently.

Damage not caused by tenants 

• Water damage 

Including roof leaks, burst pipes, flooding or extreme weather conditions.

• Fire damage

As a result of electrical wires, faulty appliances or neighbouring fires.

• Smoke damage 

As a result of a fire. Smoke damage can be one of the most destructive types of damage to a property and take months to rectify. 

As well as damage, there can be some other unnerving areas of being a landlord which requires insurance. Below is a list of the benefits included in the landlord insurance policies offered by CIA:

• Loss of rent
• Accidental damage
• Malicious damage caused by tenants up to £5,000
• Employers liability
• Property owners liability
• Unoccupied property cover

If you’re about to become a first-time landlord or even if you’re highly experienced with multiple properties, you may want to reconsider your existing policy. CIA off competitive rates with a range of highly experienced providers. 

Get in touch with us at CIA today and receive a quote. We’re here to put your mind at rest and get your insurance sorted.