What Kinds of Insurance Do I Need?

First, you must insure the building and the contents. If you already have this insurance on a domestic policy you should check whether it would still cover the property if it’s rented out – it likely won’t. You will likely need to switch to a business or landlord’s insurance.

Where you are letting a flat, the building management company/association usually have landlord’s insurance already. Standard policies usually insure the building and contents, but note that this does not include insure any contents owned by the tenants. The cover might include compensation for any loss of rent plus any damage; for instance, in situations where you have to offer tenants a rent reduction while damage repairs are being made.

Landlord insurance policy packages usually include cover for landlords’ liability and legal expenses in case of a tenant being injured or suffering damage to their property. If you aren’t insured under such a package it is worth considering taking out cover for these events separately.