I’m a new landlord, what insurance do I need?
Firstly, congratulations on becoming a landlord!
As a landlord, there is a lot you need to consider and insurance is just the start…
Insurance
These aren’t legal requirements, but there are two main insurances that we’d recommend you get:
- Home Emergency Insurance:
Ours will give you comprehensive cover for just £130 for the year. While you really should have it all year round – as who knows what could happen? – it’s especially important to have this in the winter. This is when pipes are more likely to freeze and then burst, so you really want to be able to sort that out quickly! Our HEI covers unforeseen circumstances in the property, including things like lost keys, boiler breakdown, loss of water and electrical faults, as well as overnight accommodation for your tenant (up to £100 per renter). Why is this important? Well, it ensures that should anything happen to your property, you don’t have to scramble to find the money to fix it and ensure your tenant has a safe place to stay! - Rent Guarantee Insurance:
This is an insurance that a lot of landlords will be getting after being stung during the pandemic, when RGI was taken off the shelves. Essentially, Rent Guarantee Insurance pays the rent when your tenant doesn’t – which is why it was taken off the shelves during the pandemic! Now that it’s back, snap it up! Ours also gives you access to a legal helpline and covers you up to £25,000 in legal costs, should you need to evict your tenant.
Neither of these insurances are legal requirements, but we highly recommend that you get them, so that you can rest assured that no matter what, you won’t have to pay for any issues out of your own pocket.
We also recommend you remind your tenant that contents insurance is important. Again, it’s not a legal requirement, but should something awful happen – like a robbery or damage to an expensive item – at least they know they’re covered (and you know they won’t default on their rent as their money is going elsewhere!).
Legal Certification
While insurance might not be a legal requirement, there is plenty that is!
- Energy Performance Certificate (EPC)
UK law requires that all rental homes have a minimum EPC rating of E. You’ll need an EPC check to find out what rating your property has and how you can improve it. Even if you are at E or above, you should always aim for A, as tenants today are looking for the most energy efficient homes possible, to save money on bills. Your EPC lasts 10 years, but we recommend getting a new one if you make any updates to your property that could impact your rating. - Electrical Installation Condition Report (EICR)
The EICR is a newer legal requirement, having only come in in April 2021. It is carried out by a qualified electrician who assesses the electrics throughout the property to identify any damage, deterioration, defects and/or conditions which may prove dangerous. Ours covers you for unlimited rooms, so there are no hidden costs. You’ll need one of these every five years. - Gas Safety
As with the other legal requirements, the gas safety certificate is all about ensuring that your home is as safe as possible for your tenants. This one doesn’t last as long as the other ones – you’ll need to get a new one every 12 months (if you get ours, we’ll remind you when you need a new one!)
Other considerations…
As a new landlord, there are some other things that you might want to consider. These aren’t legal requirements, but might make your life a little easier.
- Free Listings
We offer 30 day free listings on Rightmove and Zoopla, making it easier (and free!) to find great tenants - Inventory Check In & Check Out
Our service provides a bespoke pre-move in description of each room, as well as the contents and fixtures and fittings. You can also include a professional check-in on moving-in day and a check-out clerk, who will collect the keys and check the condition of the property when your tenants leave. So you don’t have to worry about a thing! - Deposit Replacement
We all know that deposits can be the hardest part of moving, as it’s already a very expensive time for tenants. Deposit Replacement solution eases that financial burden on tenants and gives you 12 weeks’ worth of protection instead of just 5 weeks’ that traditional rental deposits provide. And it’s free for you, as tenants pay a small fee equivalent to just one week’s worth of rent, split across monthly installments, making it a much more affordable solution to traditional deposits. - Professional Photography
Taking pictures that really show off your property is harder than it sounds! If you’d like to invest in a set of quality professional images for your listings, we offer photography and a floor plan for just £99 - Tenant Referencing
As a new landlord, getting a professional reference for your tenants can be a lifesaver. For just £15, ours is quick and thorough, covering Right to Rent and credit checks - Maintenance Management
No doubt you have a day job to worry about, so be sure to bookmark our maintenance option so you can find a local tradesperson and get a quote quickly, without having to take time out of your day.
Landlording has a lot of responsibilities that can feel overwhelming. But there is so much support available today to cover you for every eventuality. We really encourage you to take up as much of it as possible, so you can self-manage without the stress
