What insurance do landlords really need?

What insurance do landlords really need?

When it comes to being a landlord, there is a lot of responsibility! This includes the most overlooked responsibility of all… landlord insurance.

So what insurance do you really need as a landlord?

Important landlord insurances

Buildings insurance

Building Insurance is an insurance policy that focuses on covering the financial cost of repairing physical damage to the structure of your property. This could be down to an event such as damage or theft. Whether this involves the repairs of the roof, walls or floors and any permanent fittings such as a fitted kitchen, bedroom or bathroom pieces.

Contents Insurance

Contents insurance is pretty straightforward, it simply protects the individual’s possessions. It pays for repairs to damaged or lost property that has been taken from the property due to theft, fire or flood. Contents Insurance can really help you, as you may need to replace all of your contents in your home and the average home contains items worth up to £35,000, which is far less than you can receive contents cover for. Find out more here.

Home Emergency Insurance

Home Emergency Insurance was designed to protect tenants and landlords with a 24-hour service to an emergency helpline. This is mainly used for home issues such as a burst pipe, boiler breakdowns and ????????. It is for issues in your home that need to be seen to straightaway, in emergency situations. An emergency is something that:

  • Makes your home vulnerable to thieves
  • Can cause a risk to your health and wellbeing
  • May leave lasting damage to your home

Public Liability Insurance

Although it is your responsibility to make sure your property is safe for your tenants, sometimes accidents can occur. If this does happen, you need to make sure you have Public Liability Insurance. Simply put, public liability insurance is needed to protect yourself in case your tenant, a visitor or even a salesperson on or in your property gets hurt and chooses to sue you.

Right to check rent

Rent Guarantee Insurance

At Van Mildert we provide high quality, professional, Rent Guarantee Insurance. Rent Guarantee Insurance is simply an insurance policy that protects the landlord from the risk of tenants not paying their rent. Being a landlord can be a very stressful job and if you are constantly feeling as if your tenant can no longer pay their rent, then it is time to get this insurance! It is great to have as if you have a rent guarantee policy you are able to claim on your monthly rental income and then your insurer will pay the rent that you’re missing out on.

Contact Us

Are you needing any advice? At Van Mildert we are able to help landlords when they need advice on insurance, especially Rent Guarantee Insurance. Make sure to contact us on 0191 256 0920, email us at sales@vanmildert.net or even pop into our office to discuss things in more depth.