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Is landlord Insurance worth it? Is landlord Insurance worth it?

AA Home Insurance

Is landlord Insurance worth it?

Published 19th August 2022Read Time 3 min

As a landlord it can be easy to think you aren’t living in the property, do you actually need insurance? The short and simple answer is yes. Having landlord insurance in place is vital to protect yourself and secure your investment. If you are still not convinced we dive into a few key motivations on why it’s worthwhile to have your rental properties insured.

5 Reasons why you need landlord insurance

1. Landlord insurance will cover any loss of income

Do you rely on your rental income for many expenses? Without landlord insurance you will face paying for any loss or damage to your property alone. Impacting on the value of your rental property and your income. This has the potential to leave you in a vulnerable financial position.

2. Landlord insurance protects you from third-party claims

Landlord insurance not only covers you for loss and damage to your property but also for any third-party claims. Protecting you from any legal claims a tenant might make. This gives you the peace of mind that if anything did happen you are protected.

3. You won’t have to sweat the small stuff

It can be hard to avoid any water damage from pesky little leaks that crop up over the years. Or having to replace your property's locks once in a while. With landlord insurance, you are protected from life’s little mishaps.

4. Landlord insurance offers you a special level of protection.

Most regular home insurance policies have a clause to state that your cover will be impacted if you are absent for an extended period. Specialised landlord insurance will protect you from invalidating your policy.

5. How much landlord insurance do I need?

With landlord insurance, the most basic level of cover you can have in place is buildings insurance. This covers loss and damage to the building but not its contents. Let’s face it, to furnish your rental property with the basics you still will have made a substantial investment. With the added fact that you will not be living in your property. You won’t be there to make sure things stay in the best shape. Make sure you are covered with contents insurance. Protecting you from loss and damage (excluding accidental damage on Landlord policies.) to your rental property’s contents.

Please refer to your policy booklet for full details on cover available, restrictions and exclusions.

In the market for landlord insurance? Protect your rental property with a tailored level of cover from the AA. Get your quote online today!