| As a landlord, sorting out your insurance policy is | | | | landlord, your insurance responsibilities change as well |
| probably not the most appealing thing on your to-do | | | | as your risk profile. This is because insurers deem |
| list. Nevertheless it is essential to protect your | | | | rented properties as higher risk than owner-occupied |
| business, so let us help with a few essential pointers | | | | ones. Landlord's insurance specifically covers these |
| on what you need to know when it comes to | | | | additional risks. |
| landlords insurance. | | | | You must also be aware standard owner-occupier |
| What is a Landlord? | | | | buildings and contents insurance policies typically do |
| The first thing to make clear is the definition of a | | | | not extend to rented properties. You will need a |
| landlord, because there's often misinterpretation. A | | | | landlord's insurance quote and a landlords insurance |
| landlord is someone who rents out their property or | | | | policy. |
| part of their property to generate income. Some | | | | Are the risks higher? |
| people think they are not classed as landlords if they | | | | Yes, the risks for landlords are higher. This is mainly |
| let out their property over the summer months as a | | | | because a rented property is open to additional risks |
| holiday-let, or if they are renting out a single-room in | | | | of threat, damage and third party claims simply |
| their home to a student during term time, or even if | | | | because there are tenants involved. Risk is also |
| a relative is paying them to live in a vacant flat while | | | | increased because a rented property is more likely to |
| they are away. | | | | be left vacant more frequently that an |
| The definition of a landlord is important when it | | | | owner-occupied one. |
| comes to insurance, because once you have | | | | Although you may be looking at a higher insurance |
| established you are one, your position fundamentally | | | | premium, landlord's insurance should never be |
| changes. In the insurance world, you are no longer an | | | | compromised. For instance, if you try and make a |
| owner-occupier, and you require a specialized | | | | claim relating to a rented property on a standard |
| landlord's insurance policy. | | | | home insurance policy, it is more than likely to be |
| What is Landlord's insurance? | | | | automatically invalidated. |
| Now you have established you are indeed a landlord, | | | | Since the risks involved in renting property are much |
| the next thing to consider is landlord's insurance. As a | | | | greater, it does pay to get landlords insurance. |