Do I have to have landlord insurance?
No, you don’t need to take out landlord insurance, however, a lot of mortgage lenders may insist you have it before you begin renting to tenants. Just because it’s not mandatory, it doesn’t mean that you shouldn’t take it out.
Landlord insurance is really important for any landlord. It will help to safeguard your financial future and protect your investment from damage, problematic tenants and other unexpected costs. It gives you the peace of mind that situations out of your control will be covered under your policy.
Not only this, but taking out insurance shows that you are a responsible landlord. Some letting agents will refuse to manage a property without sufficient landlord insurance, and it can also be a turn-off for tenants, as it could indicate that you aren’t taking your responsibilities as a landlord seriously.