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Renting out your property can be a great source of income but it can also be a stressful and risky project to undertake. Whether you are setting up a buy to let mortgage or renting out your own home you need to protect yourself against all eventualities.
There are 4 main aspects to landlords insurance –
If you are renting out a furnished property you will want to protect your contents against damage or loss. If the property was subject to fire or flood all contents may need to be replaced and without the correct cover this can be very expensive. If your property is unfurnished you may still want to protect your carpets and
against the cost of redecorating.
The building is the most valuable asset in a rental portfolio and therefore needs to be covered. This type of insurance will cover your property against fire, flood, explosion, smoke damage and even lightning. This will give you complete peace of mind against all eventualities.
Loss of rent cover
If just one of the problems listed above should arise this could cause the tenant to withhold rent. This knock on effect can be very costly to the landlord, that’s why we include loss of rent cover in all our landlord insurance policies.
If your tenant should injure themselves in the property, you could be liable. An example of this could be if a banister rail gave way and the tenant fell down the stairs, they could potentially make a claim against you as the property was not safe for habitation.
This guide is part of our series on insurance for landlords, for product information, links to more guides or to get a quote, visit our landlord insurance section here. You can also call our UK based sales team on 08081 686868.