As a landlord, and especially where you might rely on your tenants to help pay your mortgage, the thought of your property being empty may be unsettling.
But there are ways to plan for this and protect yourself from that situation.
It’s one of the policy features that you can choose as part of Landlords' Insurance. It can be called rental protection, or loss of rent insurance.
Let’s quickly look at landlord insurance and what it offers.
Why choose landlords' insurance?
Landlord insurance works a bit like an extension of home insurance. It includes buildings cover in the same way, and contents cover if your rental property is furnished. But it also offers some additional features that help protect landlords from the kinds of things that could go wrong with a rental property.
One of those things is loss of rent. This policy feature offers rental protection if you can’t let the property out for an insured reason, say because of flood damage or a fire. This isn’t always included as standard so make sure you check your policy.
With loss of rent cover, you could claim for the amount of rent you would usually receive over the unoccupied period.
Along the same lines as loss of rent, and also an optional feature of landlord cover, is unoccupied property cover. This could be useful if you need to renovate a house or flat before you rent it.
On an average home insurance policy, a property that goes beyond 30 days without someone living there is seen as ‘unoccupied’ so it wouldn’t normally be covered should something happen. But in the world of renting, an empty month isn’t that unusual.
A landlord policy could also cover you for personal liability, which means you have legal cover if tenants are injured at your property and claim against you. Sometimes called tenant protection, this can sometimes be part of the main policy but so make sure to check your policy features.
There’s also landlords' contents insurance if you’re renting a furnished property and want to protect furniture or electrical equipment that you’ve provided within the house.
You might also choose to protect against accidental damage, useful if you think your tenants might be likely to spoil your carpets or damage your kitchen.
How to choose a policy
If that’s helped you see why this kind of policy might be worth buying, click the button above to start comparing landlord insurance. Go through the questions and before you know it, we’ll retrieve you a page of quotes, with the cheapest cover at the top.
Don’t just choose the cheapest, though, have a look at which options are included and make sure the features match up with what you need.
To buy, click through to the provider’s website and make sure you check that you know exactly what’s covered.
Then you can sit back and stop worrying, knowing you’re covered should anything go wrong.