What insurance do I need as a landlord?
Landlords insurance protects you from rental risks. As a property owner, you face many exposures, which makes choosing the right cover vital. Let’s explore what you need, and why.
Why landlords insurance is important
Owning a rental property brings both rewards and responsibilities. Tenants expect a safe home, and you want to provide it but accidents, damage and/or legal disputes are still a risk. You must safeguard your investment and reputation, which is where Insurance comes into play. A standard home insurance policy won’t cover rental risks. Instead, you need dedicated property owners insurance. This aligns with FCA requirements and protects you from unique risks that standard home insurance can not.
Key covers in property owner’s landlords insurance
Your policy can include several essential protections:
- Buildings insurance
Covers structural damage from fire, flood or subsidence. - Contents insurance
Protects furniture or appliances you supply. - Liability insurance
Guards against injury claims by tenants or visitors. - Loss of rent cover
Reimburses lost rental income after an insured event. - Rent guarantee insurance
Secures rental payments if tenants default. - Legal expenses insurance
Funds eviction or dispute costs with tenants.
Each cover works together to keep your rental business afloat.
For more information on property owner’s insurance, and the types of cover we can offer you, Click HERE to read our product specific page.
How to choose the right insurance policy
First, it’s important to assess your property’s risks and challenges. For instance, older buildings may need subsidence cover because they are more susceptible to structural changes and damage caused by ground movement, which can lead to significant repair costs and safety hazards. This is a result of their building structure.
Now you have assessed your buildings individual risks, it’s time to start looking for insurance quotes. We recommend you work with a broker who understands landlord needs, as well as your individual needs. A broker who understands your situation can tailor a package that fits your portfolio and budget. Remember to review policy limits and exclusions carefully when making your final decision.
How will you be supported as a client at Robison & Co?
You deserve to work with an insurance broker who both understands the property owners sector, and takes the time to understand your individual situation as a landlord. At Robison & Co, we do both. You aren’t a number on a spreadsheet with industry standard needs, you are an individual with a unique portfolio that deserves time and attention. Our brokers provide you with the care you deserve by talking to you directly, no chatbots or AI helpers, taking your portfolio to our insurer market and pushing for the best cover & premiums. Not only will they secure you the most appropriate policy and price they can, they will explain it all so you have a full understanding of the cover, and any exclusions, the policy provides you with.
We also understand the stress of having to go through the claims process. Which is why if you are ever in the unfortunate position of having to make a claim, once you have filed it with your insurer using their claims helpline listed on your policy document, your individual broker will walk you through and do all the chasing for you. Peace of mind is our top priority for you and we promise that with Robison & Co, you will have it.
Your next steps
Your next step is to review the cover you have in place. Only reviewing your cover at renewal is risky in a sector that is forever changing. A quick review can help you find any gaps that need to be filled, and refresh your memory on what is included and what is an exclusion of your policy. Comparing your review to your current portfolio will help you find any gaps that could put you at risk. If you’d like a second opinion or an alternative quote, contact us today and one of our brokers, no bots, will review your situation and individual risks to outline your options moving forward. Our quotes are no-obligation so there is a no pressure, only support. We are here to help you and ensure your peace of mind 365 days of the year.
Interested in a no-obligation today?
Contact Robison & Co today to discuss your landlord insurance policy:
01730 265500
[email protected]