There is a very large range of insurances to cover your activities as a landlord and the features of these various products depend on the specific risks you want to cover against. You may want to protect your building against damage and yourself against compensation claims, but you might also consider cover that protects against legal fees, risks during void periods, and more.

There’s a range of landlord insurance covers that you might consider, each of which covers a different risk to you or your buildings. These include landlord liability insurance, buildings cover, and loss of rent.

For those thinking that a specific landlord product is not for them, a word of warning: a conventional home insurance policy is unlikely to protect you if you choose to rent your property out.

So which covers might you need as a landlord?

Liability insurance

Liability insurance protects you against the cost of compensation claims arising from injury or damage to a tenant or visitor, as a result of something that goes wrong with your property, such as a fire, flood, fallen roof tiles etc. As you can imagine, claims of this sort can be significant. Landlord liability insurance covers you against the cost of the claim and associated legal expenses.

Landlord buildings insurance

Buildings insurance covers you against damage to the property itself, when caused by an incident such as fire, flood, or vandalism. This cover protects the structure of the building, for example walls, floors, etc.

Loss of rent insurance

Loosely related to the use of the building itself, loss of rent insurance pays out in the event that your property becomes uninhabitable for a period as a result of an insured event such as fire or flood. This is not the same as ‘rent guarantee insurance’, which covers defaults by tenants.

Accidental damage insurance

Accidental damage insurance normally covers you against problems such as damaged furniture, but it can also extend to damage to the fabric of the building. Depending on the cover you take out, it might also protect you against outdoor accidents, such as broken windows. Remember though, that this type of insurance won’t cover your for ‘wear and tear’ and it also won’t cover you for putting right poor-quality work by contractors.

Alternative accommodation insurance

If your tenancy agreement requires you to provide alternative accommodation in the event that your property becomes uninhabitable, alternative accommodation insurance should be able to cover the cost. Like loss of rent insurance, though, alternative accommodation cover will only pay out if your tenants have to move out because of a specific insured event, such as fire or flood.

Unoccupied property insurance

As the name suggests, this type of cover protects you for longer periods where the property might be left empty. You should note however, that you may need to carry out certain checks at regular intervals, in order to remain covered.

Home emergency cover

This is a specialist type of insurance, that provides you with 24/7 access to help with plumbing, drainage, heating, or power, along with damage to access points that could render the property insecure. It normally covers the arranging of short notice repairs to these items, but can also sometimes cover the cost of short term accommodation for your tenants if necessary.

Legal expenses insurance

Finally, this insurance provides cover for up to a certain cost limit of legal expenses associated with your property or any claims. Depending on the policy chosen, this could include eviction fees, or court costs accrued while chasing tenants for unpaid rent. You may also have access to a property law expert.

Many of these types of cover will be included in a typical landlord buildings insurance policy, so check the wording closely to decide whether you need to arrange additional policies or pay an enhanced premium to have these features included.