Rental Property Insurance

That depends on your circumstances and the risks you want to protect against. Ideally, you want buildings, contents, and landlord liability insurance. These cover the main risks you might face. You can broaden your cover with additional extras like rent protection and alternative accommodation. There are also specialised policies like vacation rental insurance and multiple property insurance that cater more specifically to the type of business you run. 

No. Standard homeowner insurance is not suitable for rented-out properties. Homeowner insurance is intended for properties where the homeowner lives in the property. If you’re renting out a property, you need specialised insurance. This specifically targets the heightened risks of renting out a property to tenants.

Yes, however, it’s not typically included in standard rental insurance. It usually has to be taken out as an optional extra. Both landlords and tenants can arrange this type of cover. The landlord can add it to their landlord insurance, or tenants can add it to their contents insurance if the landlord requires it. Since it’s become harder for landlords to refuse tenants with pets, it’s a good idea to add this to your coverage.

Yes, absolutely. If you have several rental properties, a multiple property insurance policy can be very beneficial. It eases the administrative burden of managing multiple insurance policies, and potentially saves money too. Insurers often give discounts for insuring multiple properties.

That depends on your specific needs as the landlord. Good rental insurance coverage should include building insurance for rental property, contents insurance for rental property, owner’s liability coverage, rent protection, and cover for legal expenses. Many reputable insurers offer these and more. It’s important to find a deal that caters to your specific needs and is backed by strong customer service.

These tips can help your search for a cheaper deal.

• Compare multiple quotes
• Increase your property security features
• Vet your tenants
• Increase your voluntary excess
• Keep a claims-free history
• Assess your required coverage regularly

No, not usually. Standard policies cover properties let to tenants on longer term agreements. For shorter stays, you’ll usually need specialised insurance for short term rental property. This covers risks associated with higher guest turnover, which increases the risk of theft, damage and loss. Some local authorities and mortgage lenders may also require you to have specialised insurance for short-term or holiday usage.