So, you’re in the process of becoming a landlord. You may have thought a lot about décor, advertising, legal agreements and tenant selection etc. Have you though given consideration to landlord insurance?

Buy to let home insurance

Along with your house, flat or even rooms to let, you’ll unfortunately also find risk.

The risks you’ll face as a landlord are typically significantly different to those you face as an owner-occupier. Many of them relate to the fact that you have tenants in your property rather than yourself – and that changes everything.

Tenants may be your income stream but they are at the same time a risk stream for you.

For a start, typically you’ll need to think about what will happen if they sue you for accidents and injuries they’ve sustained as a result of your property. That’s called public liability protection.

Then there’s the question of what happens if your tenants damage your property. That may be through accident or carelessness.

True, you may be able to ask them to pay and you may also hold a deposit. Unfortunately in the first case it may prove impossible to force them to pay and in the second, the amount you hold may be woefully inadequate.

So for all these reasons it may be worthwhile looking closely at landlord insurance – unless you have unlimited amounts of money at your disposal!

Owner-Occupier insurance won’t do

Some newer landlords may not quite appreciate the fact that specialised buy to let buildings and contents insurance is required. They believe that owner-occupier buildings and contents insurance (which is typically a little cheaper) will suffice.

Don’t be fooled – it won’t! Buy to let insurance is typically required.

Insurance companies typically will not accept a rented property under the cover of an owner-occupier policy. This isn’t unreasonable as typically the risks they’re covering are greater, so a specific policy type is required.

The difference here is particularly important if you’re converting your existing owner-occupied property into a property you intend to rent out. In doing so you may invalidate your existing insurance – and that applies if your rentals are only temporary or partial such as a few rooms in your house.

Avoiding taking chances

So, if you are looking for buy to let insurance, why not use our online quote and buy landlord insurance service? Alternatively, we will be only too pleased to help via the telephone or email if you are unsure of what you need.