If you have bought a property with the idea of letting it out to tenants, then there are a number of things to think about when it comes to landlords insurance.

The first is that landlords insurance is different to the insurance cover you would need for your own home. There are obviously many areas of similarity such as;

• buildings cover against perils such are flood, fire, storm damage etc;
• contents cover;
• personal or owners’ liability insurance.

However, there are additional risks involved when you rent out a property and these can make the insurance requirements a bit more specific.

The main reasons for this are due to the additional risks that come with having tenants and from the fact that from time to time your property is likely to be empty.

In either of these cases your property may be more vulnerable to accidental or even malicious damage.

Even the most considerate of tenants are unlikely to take as much care of your property and its contents as you yourself would or as they would if they were owners rather than renters.

An empty property on the other hand can stand out like a sore thumb and can become a target for thieves or vandals. Damage caused either accidentally or wilfully may deteriorate over time if left unremedied and be more expensive to repair.

Using a standard home policy for a tenanted property would result in any subsequent claim being rejected and you may find it difficult to find alternative insurance elsewhere.

Getting the right mix of cover for your property may typically depend on a wide range of factors including;

• the type of property you have – house, flat etc;
• the type of tenants you cater for – short or long term, families, students etc;
• where your property is;
• is it furnished or unfurnished;
• are you planning to have the property lying empty while renovations or repairs are being carried out;
• if you are prepared to accept an excess.

If you find the prospect of sorting all this out for yourself a bit daunting then you may benefit from using the quote system on our website to get some options for landlords insurance tailored to your exact requirements and budget.