MakeUrMove doesn't sell landlords insurance. But we recognise its value
and urge all private landlords to take out a robust policy.
Why you need landlord insurance
There's no legal requirement for you to have landlord insurance. But to
not have it is reckless in the extreme. Landlord insurance will protect you
against the unforeseen and helps safeguard the large investment you made in
your property business.
But like all types of insurance, you don't appreciate its worth until
you have to make a claim. Until then it's just another expense. But it is an
If the worst happens and your property is badly damaged by storm or
accident, your landlord insurance will enable you to absorb the financial blow. Though
it needn’t be as drastic as that.
What if the boiler packs in? Do you have the resources to replace it?
Or what if there's a break in and that big screen TV and new cooker you
installed is taken? They'll need replacing and your insurance can cover the cost.
You can also insure yourself against unpaid rent. And rent protection is one of
the biggest reasons why you should take out landlord insurance.
How to choose landlord insurance
There are many insurance companies out there. And a lot of different policies
on offer. So how do you choose which is best for you? You can use comparison
sites, go straight to the provider or use a broker.
Unless you know exactly what you're looking for a broker may be the
best option. An independent broker will know the market and be able to find you
the best deal.
The different types of landlord insurance
You can find policies to cover just about anything. But most companies
will offer two kinds of landlord insurance.
Contents only insurance
Protect your fittings and furnishings with contents
insurance. It covers appliances, furniture and fittings. Your policy will
cover accidental damage to carpets and other floor coverings. Some will also
include cover to temporarily re-house your tenant should your property become
uninhabitable. After a flood for example. Finally, the policy may also cover
the cost of replacing locks in the event of burglary or loss of keys.
It's important to note that any landlord contents insurance policy only
applies to your own property. But it doesn't cover any of your tenant's
possessions. If your tenant wants to ensure their own possessions, they need to
take out their
This type of policy is an absolute necessity for all landlords. It
provides protection against structural damage to your property. This could be
due to storm or fire damage. The policy will cover damage to walls and windows
insurance policy will also cover against flood or water damage. Some
policies will also cover the cost of boiler repairs. And, like some contents
policies, will also pay the cost of re-housing the tenant if necessary.
If purchasing a buildings policy many insurers will offer a contents policy
at a reduced cost. Or even bundle both types of policy together.
It's advisable to bolt rent protection cover onto your landlord
insurance policy. Sometimes referred to as rent guarantee insurance this type
of policy protects you should your tenant be unable
to pay the rent. The cover can be
worth thousands of pounds. If your tenant gets into arrears you won't lose out
financially. This is why rent protection insurance is highly recommended. Some policies will also pay the cost of
evicting the tenant so provides even more value.
Insurance offers the best landlord protection there is. Yes, you have
to pay monthly premiums. And hopefully, you'll never have to claim on your
policy. But don't view the premiums as 'dead money'. Instead, look on your
insurance policy as protecting your investment. And the peace of mind landlord
insurance provides is worth far more than the cost of the premiums.
Private landlords can find tenants fast by listing their property
with MakeUrMove the online letting platform bringing landlords and tenants