Landlords and their tenants typically have different insurance requirements to home owner-occupiers. This relates to the different level and types of risk they are exposed to.
Buildings insurance is required by landlords as the owner of the property, but is not required by tenants. However tenants may want to consider taking out cover for accidental damage. This could protect the deposit in the event of damage to the fixtures and fittings, such as burns and stains on the carpet.
Home contents ownership tends to be split between landlord and tenants in rental properties. Consequently the amount of cover required by each is less than that needed by an owner-occupier. By getting a quote from a specialist insurer both parties should be able to save money compared to a mainstream provider.
Optional extras are available to landlords to reduce the impact of some of the specific risks they face. Rental guarantees provide cover up to a fixed amount in the event of tenants not paying. Emergency call out services provide cover up to a fixed amount for responding to specific incidents that require immediate attention. Although this will not cover problems caused by a lack of routine maintenance.
These are likely to result in an increased premium, so before ticking the box consider to what extent you are exposed to these risks.
If you need more information to help you make a decision check out
TheRateTart Guide to Home Insurance.
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