Your Top Guide to the Different Types of Landlord Insurance
When it comes to landlord insurance, there’s a lot to go over. Do you need separate cover for the building? Or your rental income? Or how about contents, white goods, and appliances?
With so many potential questions and possibilities, finding the best landlord insurance can certainly be daunting. Yet allowing the time to understand the nuances of each type of cover can also be significant benefit, helping to protect your financial investment. So, whether you’re a seasoned landlord or new to the rental property market, this guide will go everything you need to know to ensure you’re coming away with the right cover.
Landlord Building Insurance
Landlord building insurance us usually the cornerstone of any robust landlord or rental property insurance policy. This covers the physical structure of your property, including the walls, rood, floors, and any permanent fixtures, against damage from fires, storms, flooding, and other risks. This type of insurance is essential for protecting the capital value of your property and is often required by mortgage lenders as a condition of the loan.
Landlord Contents Insurance
While the building itself may be insured, what about the items inside? Landlord contents insurance is designed to cover furniture, appliances, and other contents owned by the landlord but used by the tenant. This is particularly important if you’re renting out a furnished or partially furnished property. This policy ensures you’re not out of pocket if your property’s contents are damaged or stolen.
Rent Guarantee Insurance
One of the biggest worries for landlords is the risk of rental default. Rent Guarantee Insurance, also known as tenant default insurance, offers protection against loss of income should your tenants fail to their rent. This type of landlord insurance can be a financial lifesaver, providing you with peace of mind and stability, even in uncertain times.
Loss of Rent Insurance
Similar to Rent Guarantee Insurance, Loss of Rent Insurance covers you if your property becomes uninhabitable due to an insured event, such as a fire or flood, and you lose rental income as a result. Including this coverage within your let property insurance ensures that you continue to receive an income while your property is being repaired or rebuilt.
Landlord Boiler Cover
Boiler breakdowns can be expensive to fix and leave your tenants without heating or hot water. Landlord Boiler Cover is a type of policy that covers the cost of repairs or replacement of the boiler in your rental property, along with any emergency call-out fees. This is an essential piece of coverage to keep your property running smoothly and your tenants happy.
Landlord Maintenance & Home Emergency Cover
This type of landlord insurance goes beyond just boiler cover, offering broader protection against a range of home emergencies – from burst pipes to electrical failures. Landlord maintenance & Home Emergency Cover can help you resolve issues, often including the cost of callouts, labour, and parts. This ensures that your tenants’ living conditions are promptly restored with minimal disruption.
Landlord White Goods & Appliance Insurance
If you offer a rental property as furnished, white goods and appliances are a key component within those furnishings, but they can be costly to replace or repair. Landlord White Goods & Appliance Insurance providers coverage for items like refrigerators, washing machines, and ovens, offering protection against breakdowns and helping you avoid unexpected expenses.
Tailored Landlord Insurance from Higos
At Higos, we understand that no two rental properties are the same, and that the requirements for landlord insurance can vary enormously. That’s why we offer comprehensive, bespoke policies that have been built from the ground up around your specific needs. Our expert team will take their time to get to know the details of your rental property or properties, understanding which risks you face and which you don’t, and ensuring you’re only paying for the cover you need.
To learn more about our tailored landlord and let property insurance, get in touch today. As a Chartered insurance broker, we work with a wide range of leading insurance providers around the UK. Contact us on 01458 270324 or view our FAQs if you have any questions.