Landlord insurance might not be a legal requirement, but it is a sensible step to take to safeguard you and your property against unforeseen events. The right type of insurance can mean that you are adequately protected should a claim occur.
Lucy Turner, Relationship Manager at Northwood Insurance Services lists 5 “what if” scenarios where landlord insurance could be extremely beneficial.
There was a flood?
Could you afford to repair the property out of your own pocket? Not only does the right landlord policy cover the cost of repairs, it will also ensure the repairs are dealt with in a timely manner. Most insurers will provide you with a 24 hour claims service, and you can rest easy knowing your property is priority.
Your tenant spills red wine on your carpet?
We have all seen the image of the red wine spill on the cream carpet – but this could actually happen to you. Accidental damage cover will protect the cost of replacing your carpet, which can be very expensive! Remember there may be an excess to pay when making claims on any policy.
Someone burgles your property?
A home is burgled every 55 seconds in the UK*. In the unfortunate event that your property is broken into, could you afford to replace any of your landlord furnishings that might have been stolen? Furnishings cover will provide protection for you, so you will have one less thing to worry about.
You lose your rental income following a fire at your property?
Not only would you have to fund the repairs yourself, you would also lose your monthly rental income, as your property would no longer be habitable. Following an insured event like a fire, landlord insurance could cover the loss of rent up to the agreed policy duration i.e. 24, 36 months etc.
Your property is maliciously damaged?
Whilst the majority of tenants will respect your property, it is always good to have a safety net in place in case of any unexpected damage. The contents in your let property can add up to a significant amount, even if it is let unfurnished (think about carpets, curtains etc). Landlord insurance typically covers accidental and malicious damage as standard.
Please remember certain limitations, exclusions and excess fees do apply to insurance policies.
*UK crime survey
Northwood Insurance Services and Northwood are trading names of Jelf Insurance Brokers Ltd (Reg no 0837227), which is part of Jelf Group PLC, and is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: Hillside House, Bowling Hill, Chipping Sodbury, BS37 6JX. (Registered in England and Wales). Not all products and services are regulated by the FCA.