What Landlord Insurance do I need for a Leasehold Flat?

What Landlord Insurance do I need for a Leasehold Flat?

There are certain factors which may cause the landlord to make payments for the property not through the rent income but purely through their own finances one of which is through the property being vacant. When buying to let this is the worst case scenario and so landlord insurance can help keep such occurrences to a minimum.

Financial losses associated with rental properties in certain situations can be covered for landlords by landlord insurance. Landlord insurance covers rare case scenarios where nature or a faulty appliance may cause damage to the property as well as damage which is caused by tenants. The landlord can of course reclaim their financial output for the insurance If the damage is caused by tenants through their initial deposit.

Depending on the requirements of the landlord, there are a number of different policies available. If for example the property is in a high risk area for flooding then the various options mean they can cover themselves. There are a number of further cover options which are available and may be useful depending on the landlord’s circumstances but the majority of policies cover for fire, lightning, earthquakes, floods and malicious damage.

Other cover options are usually additional however for a relatively small initial payment they could save a landlord a lot of money in the future. For a landlord who lets properties furnished, contents insurance can be included which covers for theft and any damage caused by tenants.

As well as contents insurance there is accidental damage cover; rent guarantee insurance should a tenant fail to pay their rent which may leave the landlord short and also liability insurance. One option which is often overlooked is alternative living costs. This can help the landlord pay for alternative accommodation for the tenant if a case arises where they may be deemed responsible to do so.