Posted on Jan 13, 2022  | Tags: rental, landlord, insurance

Whether it’s a short rental season or a long-term lease, your property could be at risk of a number of domestic incidents and it is important to protect yourself against any financial losses that may occur should your tenants do damage to any part of your property, on your property, or injure themselves during their tenancy. Insurance is an important part of being a landlord and property owners should secure adequate policies are in place to protect their investment and their tenant.  

Why doesn't homeowners’ insurance cover you as a landlord?

Many landlords are under the impression that their property is covered under their homeowner’s insurance but, if your house is your home then risk of loss or damage is lower because (ideally) you have some control over the people who are coming and going and events that happen there. Therefore, your insurance company will charge a premium that reflects the moderate risk. Even if you are renting a room in your home, homeowner’s insurance will cover your insurance needs, as you, the homeowner, are also living in the property. Having said that, you have a duty to inform your insurance provider of any lodgers, or your policy may be invalidated.

A designated Landlords Building and contents insurance product provides your rental property with complete protection against those events that you personally have little control over. Buildings and contents insurance can be purchased as separate policies, but it’s often easier and simpler for landlords to take out one policy that covers both.

How much cover will I need?

You can usually choose from levels of cover, depending on how much you have to protect. Take some time thinking about how much it would cost to replace everything in your home, including kitchen and bathroom fittings, windows, doors, furniture, carpets, fireplaces, etc.

Evolve can find you an insurance policy for your rented property

Landlord’s Insurance is an important part of managing any rental property and will protect your investments, and we are here to help you find the best policy that meets your requirements so that you can focus on ensuring your tenants are well looked after and all parties are protected.

Our in-house experts can arrange a quick Property Owners’ cover quote for you so you can see exactly how much cover is available and how much you might be paying for your buildings and contents policy.