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Purchasing real estate with the aim of renting it out to tenants is a tried and tested method of generating an income stream. Not only do tenants provide a steady income, but if you choose the correct property then it’s also likely to increase in value over time. The term ‘landlord’ applies to anyone owning property who subsequently rents it to another individual (or business) in return for payment. As per recent statistics, the total number of landlords in the UK is 2,594,720 – with the majority of which (2,266,770) living in England. Current government figures indicate that around 5.45 million homes in the UK are ‘buy to lets’ or shared accommodation (of which 4.85 million are in England). Almost 50% of landlords own just one property, while 6.4% own more than 10 properties for the purpose of renting.

A large investment such as purchasing property can be a very daunting decision. Before considering your real estate options, it’s important to be aware of the difference between residential and commercial properties. The distinctions between residential and commercial properties are as follows;

Residential property – These are buildings that are designed to be lived in, examples of such would be; detached homes, townhouses, condominiums, blocks of flats, self contained flats, bungalows, cottages, villas and apartments. Larger scale apartment complexes would be classed under commercial leasing. The owner of a property can reside in the property, or they can rent to generate an income. Typically families and individuals let residential properties.

Commercial property – These properties are used solely for business activities such as; hospitals, shopping centres, office spaces, storage warehouses, etc. Just as can be seen with residential property, the owner of a commercial property can use it for business or may lease the space to someone else. Commercial property can be a lucrative investment as tenants are business owners who typically sign a longer lease.

Leasing your property can potentially have extra costs associated, that may not be easy to predict. Accidents may occur and wear and tear may add up to significant costs, so it’s important that your property is adequately insured with appropriate landlord insurance, protecting you from unforeseen liabilities.

Frequently Asked Questions

What is landlord insurance?

Landlord insurance protects your property – both building and furnishings are covered for accidents or damage. This policy differs from standard home insurance as it covers additional risks associated specifically with leasing. Landlord insurance can be thought of as further protecting your investment.

What types of properties can I cover?

The different types of property covered by landlord insurance are;

  • Apartments
  • Barn Conversions
  • Block of flats
  • Bungalows
  • Cottages
  • Commercial Properties
  • Flats (All Floors)
  • Houses (Detached, Semi Detached, Mid Terraced, End Terraced)
  • Lodges
  • Maisonettes
  • Park Homes
  • Self Contained Flats
  • Town Houses
  • Unoccupied Properties
  • Villas
  • Warehouses and other commercial buildings

Why do I need landlord insurance?

Landlord insurance provides greater cover than standard home insurance. From the moment you let your property out to tenants, standard home insurance is no longer valid. It’s vital that you find not only the least expensive insurance, but also the right landlord insurance. There are different forms of cover available with Landlord insurance;

Building insurance – Protects the bricks and mortar of the property.

Content insurance – Protects the contents of your house such as; beds, carpets, sofas, TVs and more from theft or damage. It also covers intentional or accidental damage to your property by a tenant.

Liability insurance – Offers protection from tenants who attempt to sue you for an accident that occurred on your property that resulted in injury or death.

Legal expenses insurance – Recovers rent which your tenant has failed to pay, by covering your legal expenses in the event you have to take them to court for non payment.

Home emergency cover – Covers the cost of repairs in an emergency situation such as a gas pipe leak, a burst pipe, pest infestation and so on. It ensures immediate help throughout the year to fix an emergency.

Employer’s liability – Covers any injuries as a result of your negligence to any of employees working on your property.

Property owner’s liability – Covers any injuries to tenants or members of the public on your property.

Unoccupied property cover – Protects your rental income if a tenant is unable to pay the rent, or your property is unoccupied for a long period of time. It also covers any loss of income if your property is damaged and the tenants have had to vacate.

What details do I need to get a quote for landlord insurance?
  • Property / building cost
  • Types of alarms fitted
  • Types of locks fitted
  • The total cost of your personal belongings
  • The type of tenants occupying your property and duration that they have been occupying it
  • The property build date.
  • Information of any claims made in the past 5 years.
Why choose Try Compare for landlord insurance?

It’s easy to get insurance quotes with Try Compare – we work with more than 30 insurance brokers in the UK, all ready to offer you the best deals on the best cover. At Try Compare we have made it as straightforward as possible to compare prices and choose the landlord insurance that suits you. Contact us today for your free quote at www.trycompare.co.uk