A Guide to Landlord Insurance for South West London

Arranging landlord insurance is an important part of renting out property in south west London. There are a few different options when it comes to landlord insurance.

So, whether your rental home is a modern riverside Putney flat or an attractive Victorian terrace in this sought-after area, you need to find the right policy for you and your tenants. To get you started, we ask ‘what is landlord insurance?’ and examine some of the different policies currently on the market.

Do I need landlord insurance?

You’ll almost certainly need to buy some form of landlord insurance cover, but how comprehensive it is, is up to you. There is no legal requirement to have landlord insurance in place.

But if you have a buy-to-let mortgage on the property, your insurer will insist on buildings cover to protect the property from fire, flood, weather damage, subsidence and other major structural threats. Even if you own the property outright, it’s advisable to cover your home against these risks.

One key thing to remember is that landlord insurance policies are different to residential ones. So, if you have decided to rent out a property you’ve been living in, and already have a policy in place, this won’t cover you for having tenants on the premises.

How much does landlord insurance cost?

How much your landlord insurance costs will depend on multiple factors – the age, type and location of your property and who you’re letting to.

The best way to get an idea of costs is to look on a comparison website – but make sure you are looking at landlord insurance rather than standard policies. You could also consult a broker who specialises in landlord insurance.

What does landlord insurance cover?

There are a few different options when it comes to landlord insurance – in addition to the usual contents and buildings policies. Think about your circumstances and whether these are useful to you.

For example, you might want a home emergency policy if you are managing the property yourself rather than going through a letting agent and don’t have a bank to tradespeople to call on at short notice if there’s a problem. You might also consider rent guarantee insurance if you’d struggle to pay your buy-to-let mortgage should your tenant stop paying rent.

Types of landlord insurance

1. Contents insurance for landlords

If you’re renting your property furnished, you will need contents insurance for all the furniture, appliances and other items you provide. Your landlord contents policy will cover you for damage to these items – accidental or otherwise – as well as theft, fire flood etc. Remember, your insurance won’t cover anything brought to the property by your tenants.

Though perhaps not essential for those who rent homes unfurnished, a landlord contents policy is worth considering to cover your appliances such as fridges and washing machines as well as fixtures and fittings.

2. Buildings insurance for landlords

Landlord buildings insurance policies cover the structure of your home against fire, flood, weather, vandalism and other risks. Your policy covers the building itself as well as the roof, walls, doors, windows and bathroom fittings.

It will cover the cost of repairing your home or rebuilding it completely if necessary. Having a landlord building policy in place us usually a requirement of mortgage lenders. Buildings policies don’t cover the home against usual wear and tear.

3. Public liability insurance for landlords

Public liability insurance can be added to landlord policies to cover you for any accident or injury that happens to a tenant or their guest on your premises. It can also cover you for damage to their belongings.

4. Rent guarantee insurance for landlords

If you would struggle financially should your tenant fall behind with the rent, you should consider rent guarantee insurance for landlords. This insurance product will ensure your rent is paid if your tenant gets into arrears, as long as you comply with certain conditions.

Similarly, there are policies to cover you for lost rent if you are unable to find a tenant or your home can’t be let due to damage.

5. Emergency home cover

As with domestic insurance policies, you can add home emergency cover to most landlord packages. It covers you for issues such as boiler breakdown, plumbing crises such as burst pipes and major electrical faults.

It works for landlords who would struggle to fix a problem quickly themselves – if they live far from the property for example.

Feel confident about landlord insurance?

If you’re new to renting out property in Putney we’d be happy to advise you about the level of landlord cover you’ll need along with any other aspect of letting a home.

We’ll also tell you more about our comprehensive package of services for landlords in the area.