{"id":16167,"date":"2018-04-10T06:56:54","date_gmt":"2018-04-10T06:56:54","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=16167"},"modified":"2020-08-05T14:48:35","modified_gmt":"2020-08-05T14:48:35","slug":"the-benefits-of-landlord-insurance","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/the-benefits-of-landlord-insurance\/","title":{"rendered":"The Benefits of Landlord Insurance"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>The buy-to-let sector is still booming in the UK, despite the government\u2019s tax changes, and demand for <a href=\"https:\/\/www.thehouseshop.com\/property-to-rent\" title=\"rental properties\">rental properties<\/a> remains high. In some areas, the number of tenants looking for accommodation in the private rental sector is far higher than available properties, but this doesn\u2019t mean you can afford to rest on your laurels. Investing in property is expensive, and like any other asset, rental properties must be protected.<\/p>\n<h2>Be a Sensible Landlord<\/h2>\n<p>As a homeowner, you automatically buy insurance to cover your contents and the fabric of the building. However, as a landlord, you may assume that insurance is unnecessary. After all, unless you let out furnished properties, there are no personal possessions to protect. Unfortunately, many landlords make this mistake. In a bid to save money and maximise their rental portfolio profits, they forgo <a href=\"https:\/\/www.thehouseshop.com\/landlord-insurance\">landlord insurance.<\/a><\/p>\n<p>Protecting your properties is vital. <a href=\"https:\/\/www.thehouseshop.com\/landlord-insurance\">Landlord insurance<\/a> is there to protect your asset and your future income. Like any insurance policy, bespoke landlord insurance cover will save you from unexpected problems. This is why it\u2019s useful to begin by researching different insurance options \u2013 to find the best deals, you should take advantage of <a href=\"http:\/\/comparemyinsurances.com\/landlord-insurance\">Landlord insurance<\/a> comparison sites, such as CompareInsurance, who have separate sections for different types of insurance to search through. Regular homeowner insurance does not normally cover rental properties, so do not assume that your existing policy is valid. Unless you have it in writing from the policy\u2019s underwriter that you are covered, you could end up out of pocket if something happens.<\/p>\n<h2>Protecting Landlords<\/h2>\n<p><a href=\"https:\/\/www.moneysupermarket.com\/home-insurance\/second-home-insurance\/\">Landlord insurance<\/a> is designed to protect landlords from a range of problems, including:<\/p>\n<ul>\n<li><span>Rent arrears \u2013 not all tenants <a href=\"https:\/\/www.thehouseshop.com\/rent-on-time\" title=\"pay their rent\">pay their rent<\/a> on time. UK welfare benefits have been frozen and rent arrears are rising. No matter how diligent you are when performing pre-tenancy checks, sooner or later, a tenant will <a href=\"https:\/\/www.theguardian.com\/society\/2017\/sep\/16\/universal-credit-rent-arrears-soar\">fall into arrears<\/a>. With landlord insurance cover in place, you are protected. This type of cover is vital if you rely on the rent to cover the cost of your buy-to-let mortgage. <\/span><\/li>\n<li><span>Accidental or malicious damage \u2013 damage is unfortunate, but it does happen. Some tenants are clumsy and break things. Others decide to trash the place shortly before you send the bailiffs around to <a href=\"https:\/\/www.thehouseshop.com\/eviction-service\">evict<\/a> them. Without effective landlord insurance cover, you could be facing a bill of several thousand pounds to fix damage caused by an aggrieved tenant. <\/span><\/li>\n<li><span>Liability \u2013 could you afford to defend yourself in court if a tenant sued you after falling on a paving stone in the garden? Don\u2019t underestimate the costs involved in liability court cases. At least you are covered if you have a landlord insurance policy in place. <\/span><\/li>\n<li><span>Loss of earnings and rehousing costs \u2013 Imagine the worst happens, <a href=\"http:\/\/www.landlordsguild.com\/house-destroyed-by-fire-or-flood\/\">your property is flooded, or it burns to the ground<\/a>. With landlord insurance, you can cover the cost of rehousing a tenant and you won\u2019t be out of pocket while they are not paying rent. Once again, for any landlord who is paying off a buy-to-let mortgage, not having landlord insurance could be an expensive mistake. Also, be aware that if the damage to the property was your fault, i.e. it burned down because you failed to maintain the electrics, despite being given notice, you will have to contribute to the cost of further accommodation. Don\u2019t assume that your buildings insurance will step in \u2013 it might not. <\/span><\/li>\n<\/ul>\n<h2>Shop Around for a Suitable Policy<\/h2>\n<p>Not all <a href=\"https:\/\/www.thehouseshop.com\/landlord-insurance\">landlord insurance policies<\/a> are created equal. Look around for a suitable policy before you buy. In many cases, it is worth talking to a specialist broker to find the right policy. You need to make sure that all risks are covered, particularly if the property is in a high-risk flood area, or you let to high-risk tenants. Some landlord insurance providers also provide discounts for multiple properties, so career landlords with larger portfolios may be able to cut costs on a multi-property policy.<\/p>\n<p>Buying <a href=\"https:\/\/www.thehouseshop.com\/landlord-insurance\">landlord insurance<\/a> is a no-brainer, so don\u2019t try and cut costs, or you could end up seriously out of pocket.<\/p>\n<p>&nbsp;<\/p>\n<h2><span>Read more here:<\/span><\/h2>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/5-undeniable-reasons-to-get-landlord-insurance\/17485\/\"><span>5 Undeniable Reasons to Get Landlord Insurance<\/span><\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/is-landlord-insurance-tax-deductible\/17490\/\">Is Landlord Insurance Tax Deductible?<\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/is-landlord-insurance-a-legal-requirement\/17513\/\">Is Landlord Insurance a Legal Requirement?<\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/a-beginners-guide-to-landlord-insurance\/17132\/\"><span>A Beginners Guide to Landlord Insurance<\/span><\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/landlord-insurance-what-you-need-to-know\/2796\/\"><span>Landlord Insurance: What You Need To Know<\/span><\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/worrying-new-figures-for-landlords\/\"><span>Worrying New Figures For Landlords<\/span><\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/choosing-the-right-landlord-insurance-for-you\/2772\/\"><span>Choosing the Right Landlord Insurance for You<\/span><\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/top-insurance-claims-by-landlords-revealed\/7240\/\"><span>Top Insurance Claims by Landlords Revealed<\/span><\/a><\/h3>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/what-is-rent-protection-insurance\/16840\/\"><span>What is Rent Protection Insurance<\/span><\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>The buy-to-let sector is still booming in the UK, despite the government\u2019s tax changes, and demand for rental properties remains high. In some areas, the number of tenants looking for accommodation in the private rental sector is far higher than<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/the-benefits-of-landlord-insurance\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":16168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[10,16,9],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/04\/269118213_640.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/the_benefits_of_landlord_insurance","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/16167"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=16167"}],"version-history":[{"count":6,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/16167\/revisions"}],"predecessor-version":[{"id":22635,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/16167\/revisions\/22635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/16168"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=16167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=16167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=16167"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=16167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}