How to get home insurance for landlords

When letting property, it’s important that you remain as sensible as you would want your tenants to be. You need to ensure that you take out the correct amount of contents insurance for landlords, for the kind of property you are letting. Contents insurance is an important part of letting property, and it is often confused with other kinds of insurance. Contents insurance is not the same as building insurance, nor is it the same as landlord’s insurance. As the name indicates, the insurance covers the contents of the property, allowing you to claim if there is ever a theft or incident that damages the content.

One kind of content insurance is basic coverage, and this policy essentially covers the building and adjacent buildings/structures in the event of damage. These adjacent structures would be things like a garage or a conservatory. The furnishings and fixtures are not covered, so if they were damaged in fire, you would not be able to claim.

So if the property you are letting to an individual comes fully furnished, or at least with some fixtures, it’s important that you don’t get basic coverage. In order to be safe, it’s necessary for you to take out a higher level insurance so that you do not risk huge sums of money from damaged contents.

If you’re renting a property that does not come with inner fixtures and furnishings, however, then it’s probably worth looking at a basic form of insurance. In the case that the tenant brings their own furnishings and deals with fixtures themselves, then it should be down to them to provide their own insurance. If they don’t get insurance, and the property is damaged, the costs of the furnishings would be their liability.

So remember, it’s important to consider the terms of the tenancy agreement before you decide what insurance you need.