If you’re a landlord renting out a property, you might wonder what kind of home insurance you need. If so, you’re not alone. In the last year, over 8,000 people in the UK Googled “What does landlord insurance cover?” according to new research by Confused.com’s home insurance experts.
Landlords often buy insurance for the actual building and things they own in it, like carpets and fitted kitchens. This is ‘buildings insurance’.
If you’re renting a home in the UK, you usually need ‘contents insurance’. This helps protect your furniture, gadgets, clothes, and other items if they get stolen, lost, or damaged.
Popular questions on landlords insurance…
How much is landlord insurance?
“The price of landlord insurance in the UK varies. It can depend on your property’s value and how much protection you want. It can also depend on where your property is, the kind of tenants you have, and if you choose extra cover. Costs can range from a few hundred to several thousand pounds a year. It’s worth comparing a few quotes to find the best price for your needs.”
What does landlord insurance cover?
“Landlord insurance usually covers the cost of repair to your building if it’s damaged by fire, flood, or other serious risks. It can also cover you if someone gets hurt on your property and sues you. Plus, it might cover lost rent if something happens to the insured property.”
What is landlord insurance?
“Landlord insurance is for people who rent out their properties. It protects you from the extra risks you face when you’re a landlord, like damage to your property and lost rent. It’s more extensive than normal home insurance because renting can bring more risks.”
What insurance do landlords need?
“Landlords need landlord insurance. This insurance protects the building, covers them if someone is injured and helps with lost rent. You might also need contents insurance for furnished properties, legal expenses insurance, and rent guarantee insurance.”
Do I need home insurance if I rent?
“If you’re renting, you don’t need building insurance – that’s your landlord’s responsibility. But it’s wise to have contents insurance to protect your personal belongings. Buildings insurance is for the actual structure of the building. Contents insurance is for your items inside the property.”
“This should provide a good foundation for understanding the basics of landlord and tenant insurance in the UK. For tailored advice, it’s always best to consult a licensed insurance provider or broker.”