If you rent out a property or manage a portfolio of properties, it’s a good idea to take as many precautions as possible to protect the building, its contents and your rental income.
With the cost of buying a home now out of the reach of many, the number of tenants in the UK is on the rise.
For landlords, this brings good opportunities but also a number of responsibilities - so what is rental contents cover, and do you have to put it in place?
What is landlord rental contents insurance?
Landlord contents insurance or rental cover protects furniture, furnishings, white goods and outdoor items at the property you rent out to tenants.
As a landlord, there's no legal obligation to have insurance in place, although many buy to let mortgages depend on the mortgage holder putting in place at least buildings cover, to protect the structure of the property.
Even if this isn’t a condition of your buy to let mortgage, it’s important to think about what might happen if you have no cover and something happens to your tenants or your property.
Buildings cover, contents insurance or a combination of the two can give landlords peace of mind that their investment will be secure if an accident happens or a tenant causes any damage.
It’s important to remember that standard home insurance won’t cover a rental property, which is why taking out specialist buy to let contents insurance is wise, in order to protect your investment.
What does landlord rental contents insurance cover?
Rental contents is invaluable for protecting any fixtures, fittings or furniture you supply as part of the tenancy agreement, especially white goods and appliances such as fridge freezers and washing machines.
Good details to look out for are contents in communal areas of HMOs and any outdoor equipment, such as lawnmowers.
Our landlord contents insurance has three tiers, so you can choose the right level depending on the property and your tenancy agreement.
Does my tenant need contents insurance?
You might agree with your tenant that you’ll provide the landlord buildings insurance, to safeguard against any damage to the bricks and mortar of the property, and advise they need tenants insurance to cover their belongings.
Landlords also often stipulate in the tenancy agreement that a tenant will take out accidental damage cover to protect, for example, carpets - particularly if there are children or pets living in the property.
Whether or not you take out your own contents insurance is entirely at your discretion, but make sure you have a clear, signed tenancy agreement including landlord/tenant responsibilities, to protect yourself if a dispute happens later.
What other landlord insurance do I need?
As explained above, buildings insurance covers the fabric of the buy to let property. Our landlord buildings insurance also includes benefits such as emergency access, loss of metered water or oil and unoccupancy cover.
Each of our landlord insurance tiers comes with landlord liability insurance included as standard. Also known as property owner’s liability, it protects you if you, a tenant or visitor is injured at the rental property as a result of an accident.
What else should landlords look out for?
If you’re in the process of becoming a landlord, our checklist is useful. And our guide to landlord responsibilities can also help you avoid the common problems that tend to crop up.
