The government has passed a bill that stops landlords from starting eviction proceedings over the next three months. Both you and your tenants have a right to a payment holiday to help ease the situation. Contact your mortgage lender if you’re struggling to meet repayments. They can help you.
If you have rental arrears cover you won’t be able to claim. That’s because your tenants need to have been evicted before most insurers will pay out.
Legally, it's not a must. But landlord insurance is an ace you'll want to have up your sleeve if disaster strikes.
It can help protect your property from all sorts of risks that come along with being a landlord, from careless tenants to flood damage.
Don't rely on an ordinary home insurance policy as generally you won't be covered if you rent out your house or flat.
It also won't cover you for things like unpaid rent or malicious damage caused by a tenant - all things that can be added to a landlord insurance policy.
The cover you want to build into your policy will depend on the type of property you're letting out, and what level of security blanket you want.
The more options you add, the more expensive your cover will get, so it's important to understand your options and requirements:
Can help cover the cost of repairs in the event of damage to your property e.g. from fire or floods.
Covers the items you own, such as furniture and appliances.
To rehome your tenants temporarily if they're uprooted by something like a fire or flood.
Unoccupied property insurance can protect your property while you have no tenants, provided you keep an eye on the premises.
Usually covered by your buildings insurance, unless you're renting out a flat and the building is covered by a separate insurance policy with the freeholder. It'll cover things that are fixed down but aren't actually a structural part of the building - think skirting boards, doors or kitchen units.
Can be a real godsend, protecting you from household mishaps such as DIY blunders.
This can safeguard your property with 24-hour support and assistance - check whether you're better off buying home emergency cover as a separate policy though.
If your policy includes a rent guarantee clause, you'll still receive income if your tenants refuse to pay or have to be rehoused due to property damage.
If a tenant is injured at your property, property owner's liability insurance can cover the expenses that could arise if they take legal action against you.
Legal battles over things like non-paying tenants or claims against you for negligence can be horribly expensive, so landlord legal cover can help cover the cost.
Insuring all your properties with one provider could bag you a discount
You could pay too much if you overestimate
But make sure you have enough money to pay it if you need to
If your property's unfurnished, what are you paying extra for?
Alarms and locks could help drive your premium down
Your policy might not cover pet damage, or you might have to pay extra for cover if your tenants have a dog or cat
You might need extra cover if you leave it empty for a long period
What type of property it is, your postcode and how long you've owned it
Their employment status and whether the property will be occupied when the policy starts
Would you like insurance for rent arrears? For accidental damage by tenants? Don't forget to add it
Tenants should have their own contents insurance for items they keep in the property. However, if your property is furnished, it's your responsibility to have landlord contents insurance for the items you own, as well as any fixtures and fittings.
The following can run up some expensive legal fees for landlords, so legal cover is worth considering: