Landlord insurance can help you repair damage to your property and its contents or recover lost rent. You can often bundle different types of landlord insurance when you take out a policy.
Protection for your rental property
Becoming a landlord can be a great way to boost your income, but it can also cause a few headaches. Damage to your property and its contents can be costly without insurance in place.
What is Landlord Insurance?
Landlord contents insurance covers the cost of replacing damaged items in your property like furniture, tech and appliances. It's usually necessary when you’re renting out a furnished property. Your tenants can take out a home insurance policy to cover the cost of replacing personal possessions.
Landlord buildings insurance will pay out if there is damage to the property itself, such as water damage from a burst pipe or a faulty roofing issue, which can be very expensive if you’re paying out of pocket. In most cases, tenants don't need to take out buildings insurance because it's the landlord's responsibility to fix building damage.
Rent guarantee insurance helps to cover a loss of rent if a tenant experiences financial difficulties and is unable to pay the rent on time.
Unoccupied property insurance is a short-term cover that pays out if you’re unable to find suitable tenants for your property for more than 30 days.
Although it’s not a legal requirement, landlord insurance can be a lifesaver if things go wrong. With many affordable plans available, taking out this form of insurance is a no-brainer.
What should I keep in mind?
You can't take out standard home insurance on a rental property. If you’re renting out a property, landlord insurance is the only valid insurance type. Your provider won’t pay out if you try to make a home insurance claim.
If you’re applying for a buy-to-let mortgage, you should also note that many lenders will ask for proof of landlord insurance before they approve your application.
Some providers offer lower rates if you insure multiple rental properties together, so if you are a landlord with more than one property, you should consider covering them together.
You'll need to consider:
- The financial impact of paying to repair damage out of pocket
- The financial impact of paying to repair damage out of pocket
- The number of properties you’d like to insure
How can Trulife help?
Sometimes, selecting the right kind of landlord insurance can be a confusing and lengthy process, Trulife simplifies the experience.
We'll offer guidance on:
The kind of cover you might need
Suitable providers that meet your requirements
What next?
If you’re thinking of taking out landlord insurance, talk to Trulife. We’ll quickly connect you with a member of the team and find cover that meets your requirements so that you can be confident that your property is protected.