Insurance for renting your property

sofa in a rental house
Having a property you own insured is always a must, but the type of insurance differs from your main residence to a property you rent out to tenants, long or short term. While most of the basic characteristics are covered in both types of policy, there are some additional ones in a rental policy that are very beneficial.

What type of insurance do I need on a rental property?

Any insurance specific to rental properties will include the same guarantees you have on your main residence, such as:
  • Damage (Water, fire, electrical)
  • Burglary
  • Third party
  • Weather conditions

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These 4 basic guarantees ensure you are covered for the most common types of damages caused in any property, but rental properties also include additional guarantees, so that you, as the owner will not be left out of pocked when renting a property out. These include:
  • Vandalism
  • Loss of rent
  • Damage to furniture in a furnished let
  • Civil liability against tenants
The importance of these additional guarantees mean that you can rest assured that any damages caused by a tenant in a rental property will be covered as well, as you will not be able to oversee the constant care of your property. Rental insurance covers both long and short term lets from damages caused by tenants and the possibility of rent not being paid, so you as the owner will not be out of pocket.

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What are the benefits of this specific insurance?

As explained above, this specific insurance will give you the same coverages of a normal home insurance, plus added guarantees for letting the property to tenants, and having the peace of mind that your property is covered for any eventuality. These added guarantees ensure that you will not be out of pocket and will be able to replace/repair any damages caused by a third party in your absence.

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How do I take out this type of insurance?

The insurance is fairly simple to take out, with a few required documents and some basic information about the property. This insurance works for both holiday lets and long term lets.

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