Owning rental properties can be a profitable venture, but it also comes with its fair share of risks. From property damage to tenant disputes, landlords face numerous challenges that can impact your finances and peace of mind.
This is where Landlord Insurance comes into play. Designed specifically for rental properties, Landlord Insurance provides essential protection for property owners, safeguarding their investments and rental income. Let’s delve deeper into what landlord insurance covers and how it can help you.
Why Landlord Insurance?
Whether you’re a seasoned landlord or a homeowner renting out a spare property, it’s crucial to understand that standard home insurance policies typically do not provide adequate protection for rental properties. Landlord insurance fills this gap by offering cover tailored to the unique needs and risks associated with renting out a property.
What Does Landlord Insurance Cover?
Public Liability and Property Owner’s/Landlord’s Liability Cover: Accidents happen, and as a landlord, you could be held liable for injuries or property damage sustained by tenants or visitors to your rental property. Public liability insurance protects you in such scenarios, covering legal fees and compensation costs.
Alternative Accommodation Costs: If your rental property becomes uninhabitable due to covered perils such as fire or flooding, alternative accommodation costs coverage ensures that your tenants have a place to stay while repairs are underway. This insurance helps maintain your rental income stream during periods of property unavailability.
Loss of Rent Cover: Imagine a scenario where your tenant defaults on rent payments or your property remains vacant between tenancies. Loss of rent cover provides financial protection by reimbursing you for lost rental income during these periods, helping to mitigate the impact on your cash flow.
Glass and Lock Replacement: From accidental breakages to burglary attempts, damaged glass windows or doors can pose security risks and inconvenience to both you and your tenants. Landlord insurance typically includes coverage for the replacement or repair of broken glass and damaged locks, ensuring the safety and security of your rental property.
Contents Insurance: While tenants are usually responsible for insuring their personal belongings, Landlord Insurance can cover the contents you provide within the rental property, such as furniture, appliances, and fixtures. This cover protects your investments against damage or theft, offering peace of mind to property owners.
Landlord Rent Guarantee Insurance & Legal Expenses Cover: In addition to standard cover options, some landlord insurance policies offer additional features such as Rent Guarantee Insurance and Legal Expenses cover. Rent guarantee insurance protects you against tenant rent defaults, while legal expenses assist with legal costs associated with disputes or eviction proceedings.
Additional Cover: At Lansdown, we can offer additional cover options including access to Lorega Claims Management, a respected independent claims management service offering dedicated loss adjusters to assist with claim resolution. We can also offer property valuation services through a partnership with Rebuild Cost Assessment, providing accurate estimates for rebuild costs at a discounted fee for Lansdown clients. Additionally, ALPS Landlord Home Emergency cover is available, providing protection for out-of-hours callouts and repairs for emergencies, supported by a nationwide network of qualified professionals and a 24/7 helpline.
About Lansdown Insurance Brokers
Lansdown Insurance Brokers are specialists in Landlord Insurance, Block of Flats Insurance and Home Insurance. We can provide flexible policies to suit individual client needs and provide advice on what cover is needed. For more information call the team on 01242 524498.
Lansdown is part of the Benefact Group, a charity-owned, international family of financial services companies that gives all available profits to charity and good causes.