Boiler Breakdown Cover Insurance

Standard home insurance will not cover a property that is being rented out, so it is important to choose appropriate landlord insurance cover before your tenants step foot through the door. There are hundreds of companies out there offering landlord insurance policies, so make sure that you know exactly what is and is not covered by the different policies on offer, especially if shopping through a price comparison website.

Levels of cover

There are many things you can choose to have included in your landlord insurance policy. As standard you are likely to want building and contents insurance. The amount you will be covered up to will also vary depending on the insurance product you buy. A studio flat for example is unlikely to need to be insured to as great a value as a five bedroom house.

Buildings and contents insurance

If the property is a house or bungalow, buildings insurance is essential to cover you from things such as storm or flood damage, subsidence, drainage, vehicles, trees and vandalism. If you have a mortgage on the property it is highly likely to be a condition of the mortgage that you have this cover. If the property is a flat, the freeholder might already have suitable buildings insurance in place, so make sure you look into this before paying for an insurance product you don’t need.

Check whether the buildings insurance comes with a loss of rent insurance that will cover you if something happens to make your property uninhabitable, forcing your tenants to move out.

Contents insurance is something you will always want to have, as even if the property comes unfurnished, there are still things like carpets and white goods to consider. If you are renting the property out with furniture, you will need a greater level of cover.

Emergency cover

Emergency cover will vary by policy, but typically includes things such as the breakdown of a boiler, burst pipes or lost keys. To keep annual one off expenses down, you might want to consider a policy that includes an annual boiler safety check, something that you are required to have done by law.

Emergency cover is especially useful if you are not renting your property out through an agency, or are a landlord with only a few properties and no access to a network of qualified tradespeople. If an emergency were to occur, a qualified tradesperson will come out and fix the problem around the clock without charge. You can’t put a price on your own safety, and you should apply the same logic to that of your tenants too.

Landlord liability insurance

There are a number of reasons you might want liability insurance. Accidents can and do happen, even to the best of tenants. If the tenants try to sue you following an accident, it can prove very costly, so being insured against the possibility of an accident is essential.

Rent guarantee insurance

However well vetted your tenants are, situations unfortunately change, and they could find themselves in the position where they are unable to pay their rent. Rent guarantee insurance will provide you with compensation should they default. This is often bundled with legal expenses insurance, which covers you for the cost of taking your tenants to court for disputes or eviction.