Landlordinsurance.co.uk often get asked, "Do I need Landlord Insurance". This is a quickstep guide to ascertain whether you do need Landlord Insurance:
Are you letting out your home or purchasing a Buy To Let property? If the answer is yes then you definitely need to have the right insurance to protect the property against certain insurance perils such as Fire, theft, Malicious Damage, escape of water, accidental damage and flooding. This means you do indeed need Landlord Insurance so go to step 2
- If you have home insurance on the property to be let because it use to be your home then you need to change this to a specifically designed policy i.e. Landlord Home Insurance. Most Home Insurance providers will offer a pro-rata refund if you cancel so you may not be 'out of pocket' by switching to a Landlord Insurance but you must do so as the Home Insurance is or will be void on letting your property.
- If the property is a flat then the freehold should provide buildings insurance for the structure and as long as the head lease doesn't restrict the flats usage then you should find that your flat will be partially covered for letting. However you will need Landlord Insurance to cover internals of the flat such as Kitchen units and Sanitary ware along with carpets, curtains, domestic white goods, furnishings and furniture. Public Liability is also needed and optional Loss of Rent.
- If the property is a house then you will need both Landlord Buildings Insurance and Landlord Contents Insurance