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A Guide to First-Time Landlord Insurance

First-time landlord insurance on a rented property requires adequate protection from buildings damage, contents damage and other thing like cover for lost keys etc. Therefore, you need a policy to provide a financial cushion when something happens. While you hope you never use the insurance, it is essential to have it?

When you are letting a property, you are liable for any loss the tenants incur while living in your building.

Therefore, if you do not insure the property against damage and loss, you stand a chance of losing your initial investment and income from the property. However, not all insurance policies are compulsory for you. Before choosing a policy, keep in mind the risks and assess their impact.

Read on to find out what landlord insurance is and why you may need it for your property.


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What is landlord insurance vs homeowners insurance?

Most property owners assume that homeowners insurance covers the property in case of damage.

  • However, when you start renting out the property, you are running a business. Landlord insurance protects you from damages when you are letting out your property. It covers losses arising from renting, such as theft, fire, and accidents.
  • You can extend the insurance to include malicious destruction of the property by tenants and unpaid rent. While you are not legally obligated to take insurance, it is a requirement when you finance the property using a mortgage.

What types of landlord cover do you need?

A first-time landlord insurance policy usually covers the building and owner’s liability. However, you can include other covers depending on the risk assessment of your property. Here are a few covers for business landlord insurance that you should consider.

Here we go...

Do I need landlords’ building insurance?

Events like fire, vandalism, weather conditions and malicious damage could lead to the destruction of the building.

  • You need a cover that protects the physical structure of the property.
  • The liability could be a total loss due to the building burning to the ground.
  • In such a situation, the insurance should cover the cost of rebuilding.
  • The insurance also covers the cost of relocating tenants if the building is inhabitable.
  • Landlords’ building insurance can be tailored to suit your needs.
  • Therefore, you can extend it to cover rent protection and emergency call-out cover.
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Business interruption insurance?

Rental income protection cover protects you from loss of revenue.

  • Sometimes severe damage to your building makes it inhabitable.
  • Therefore, your tenants will move out as the building is undergoing a rebuild.
  • During this period, you stand to lose a lot of revenue.
  • With the business interruption cover, you can reduce the impact of the loss.

First-time content insurance?

While business contents can be covered in the landlords’ building insurance, it may not be comprehensive.

  • So what exactly are business contents and why do they need liability?
  • Content includes furniture, fittings, and other household contents you own.
  • The building insurance covers the walls, ceilings, and fitted cabinets.
  • However, you need the landlords’ content insurance if you are letting a furnished property.
  • Even an unfurnished building could use the cover in the event of damage that destroys the bathroom, kitchen, and flooring.

  • Tip: When taking the insurance, ensure that the insurance company can replace the old fittings with new ones

Does your insurance cover your tenants’ contents?

  1. The tenants will be required to take their contents insurance cover.
  1. You as the landlord will not be liable for loss or damage to tenants’ property.

Property owners’ liability insurance

Landlords tend to ignore the owners' liability cover.

  • However, it is a vital insurance cover in the event of injury or loss incurred by a visitor, tenant, or a bystander due to your property. For instance, if your building collapses and destroys the nearby businesses or injures a person walking by, you are liable.
  • Why would you be responsible? As the owner of a building, your responsibility is to ensure your property is well maintained and safe. When taking the insurance cover, take into account the occupants of the building and the surrounding premises.

Do not undervalue the insurance cover. If a severe accident occurs, the liability could be high.

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First-time landlord insurance for student lets?

The student population is quite high.

Therefore, property owners will never run short of tenants. However, buy-to-let landlords, who rent their property to students, need a landlord insurance cover. Student tenants pose a higher risk to your property, unlike other adults. Your building could be damaged by the numerous parties they host.

First-time landlord insurance for property lets covers the following:

  • Loss and damage to the property: The insurance protects you from liability resulting from damage to your property, whether accidental or malicious.
  • Loss of business content: Sometimes the damage to your property destroys the contents of your property, including furniture and appliances. An insurance cover ensures all the materials are replaced or repaired.
  • Public liability: Your insurer will cover the loss caused to third parties by your tenants within your building.
  • Loss of rental income: In case of damage and your building is inhabitable; the insurance company protects you from the loss of income. You can also include failure to pay rent insurance.

Optional landlord insurance cover

Some accidents and risks are not covered under the building's insurance but have the potential of causing a substantial loss.

  • For example, accidental damage of a pipe within the building can cause accidents. Therefore, you should ensure the accidental damage cover is part of the comprehensive policy.
  • Legal protection can also be beneficial if a tenant files a lawsuit or if you take a tenant to court for breach of contract.
  • Tenant damage cover can protect you from incurring losses due to malicious damage to your property by tenants.
  • You should also consider protection in case of emergency incidents like plumbing and drainage problems and boiler breakdown.
  • While the landlord insurance policies are optional, they help you rest easy knowing everything will be handled swiftly.

Compare quotes for first-time landlord insurance

Getting the right first-time landlord insurance is vital.

  • However, you should also keep the insurance cost affordable by comparing and renewing when you get a better deal.
  • The best way to get the right landlord insurance is to determine the insurance you need and calculate the value by talking.
  • With the value of the property, you can get quotes from multiple insurance providers online. You can compare the prices and pick the best deal.

First-time landlord insurance protects your initial investment.

However, you must ensure you take adequate protection for your property.

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Hope this article on first-time landlord insurance does it for you?

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