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Residential Landlord Insurance: What is It and What do You Need?

If you’re a residential property owner, it’s crucial to protect your business by taking out insurance that can safeguard it against risks and threats.

Because no property is alike and no business the same, we recommend looking into tailored packages designed to meet your specific needs – as well as the unique challenges you may face as a residential landlord.

IC Insurance can help with this, so call us on 01204 565600 to ask us any questions you may have or to get a free, no-obligation quote today.

What is Residential Landlord Insurance?

In essence, residential landlord insurance (or buy-to-let insurance) is a combination of policies designed to provide coverage against things like accidental damage, theft and loss of rental income.

Even if you have good tenants, things can change over time, or accidents can happen, which could leave you having to foot an expensive bill.

So, this cover can protect you against risks that are not usually included in traditional home insurance, including the risks associated with having tenants. By having a comprehensive insurance package in place, you won’t have to pay out of pocket should anything happen.

If you own commercial properties and are interested in renting them out to third parties and businesses, you’ll need commercial property owner insurance.

While neither of these policies are mandatory, you should still consider taking them out. Not only will you be protected against the unexpected, but you’ll also have peace of mind knowing you can get compensation if something happens.

Why Should You Get Residential Landlord Insurance?

There are several reasons why you should get this insurance policy, as mentioned, including:

  • If you’re recovering from an issue on the property, like a fire or flooding
  • If you don’t receive rent from your tenants for any reason
  • If you want to safeguard your reputation (in case of injury on the premises, for example)
  • If you want to secure your finances since you’d have to pay to fix damages instead of being compensated by the insurance policy

Whether you simply rent out a property (but don’t have a portfolio) or you’re a full-time landlord, you can benefit from residential landlord insurance. If you only have policies like contents’ insurance in place, you won’t be covered if your tenant is injured causes damage to the home (be it accidentally or otherwise).

Speak to us if you want to review your current policies or are interested in extending your coverage to your portfolio of properties – our experts are on hand to help you find the right insurance for your needs and always at the best prices.

landlord giving keys to tenant

What Do You Get with Residential Landlord Insurance?

As insurance brokers in Bolton, we have strong relationships with top insurers, which means we can easily help you find the coverage that works for you. When it comes to residential landlord insurance, we can provide solutions that include:

Buildings insurance

This will cover the cost of having to rebuild your property if it’s destroyed or damaged. If you’re buying a residential property with a mortgage, this policy is not optional, and you must purchase it.

Property owners liability

This policy is useful in case people are injured on your rented property, as it can help you avoid having to pay compensation to third parties out of pocket.

Landlord legal protection

This type of policy can cover all the legal costs up to £50,000 associated with your property, such as court proceedings.

Residential landlord insurance includes other policies, too, such as landlord contents’ insurance and rental guarantee insurance, so let us know if you’d like to learn more about the covers you can benefit from.

Home Emergency Cover

To make sure your property and business are completely safe, you may also be interested in taking out home emergency cover with your residential landlord insurance, which will cover issues like the following:

  • Burst pipes
  • Roof damage
  • Boiler breakdown
  • Fire
  • Storms and flooding
  • Earthquakes
  • Accidental damage
  • Theft
  • Impact damage

This way, you can relax knowing that you’ve prepared for all potential eventualities and made your business as secure as you can. While it’s impossible to know what the future brings and whether you’ll end up needing specific policies (for example, aircraft damage insurance), it pays to be prepared for everything!

landlord buying property

IC Insurance Can Help

Protect your investment by taking out residential landlord insurance – we’ll work with you to ensure you get the exact policies you require for your business, whether you only have one property in your portfolio or a vast range of rental properties.

Message us at any time, and we’ll do our best to come back to you within 24 hours on business days, as we understand you’re busy and need a quick answer to all your questions – urgent or otherwise.