do i have to get a special house insurance if am renting a house to someone?

Answer 1

Hi there, strictly speaking there is no legal requirement for you to have any additional insurances however there are many areas to consider, such as:

Third Party or Property Owner's Liability - to cover anyone trying to sue you for injury at your rented property.

Employers Liability.- eg if you employ someone on a regular basis to look after the garden.

Buildings Cover - this is normally a requirement for the mortgage, if you own the property outright you may still want to protect your investment again fire, etc.

Loss of Rent - if you property becomes uninhabitable due to flood, building damage, etc you can get cover for lost rent.

Rent Guarantee Insurance - if your tenants don't pay their rent you can get protection against this.

Contents Insurance - if letting unfurnished there is no need for tihs, but often property is let part furnished so a modest level of cover might be consdiered.

Emergency Assistance Insurance - everything from plumbing and electrics to fixing the drains or leaky roof.

Legal Expenses Insurance - in case you end up in a legal dispute over rent not paid, repairs not carried out correctly, etc. Note that you may already have a policy that covers this.

Tenant's Insurance - landlords do not normally cover tenants contents in their insurance, but this can be included as an extra.

There are insurance companies who will provide all of the above for landlords. You need to make a choice on the amount paid (which can be offset against rental income for tax purposes) against what you can afford to take on as a risk out of your own pocket.

If you do want to take insurance try one of the landlord organsiations for advice, e.g. http://www.landlords.org.uk/

I hope this helps.

Answer 2

If the house is fully furnished by you, you need contents insurance. If the house is let unfurnished the tenant must insure his own stuff.. You should always have buildings insurance.

Answer 3

you are able to oftentimes acquire a apartment contract for the tenants to sign from the library or your close by court domicile. some landlords want to do protection tests and credit tests till now somebody strikes in. All of those varieties can oftentimes be picked up on the courthouse or downloaded out of your close by internet site. Having a 2d financial enterprise account isn't mandatory yet whilst its extra handy for then you definitely do it. some cities require that a apartment inspection be executed on a house till now its rented out. i might call your city workplaces and ask them what the stairs are.

Answer 4

You need to have your insurance agent set up a fire policy for you. This will cover the dwelling for covered losses. Liability coverage for the rental property can be included on your current homeowners policy.

Answer 5

I don't think there is any special insurance, but I would definitely increase the coverage amounts

Answer 6

Yes, and the best way to go about this is to ask your insurance agent. My inlaws used to do this and they had way different insurance than we did.

Mena

Answer 7

Your property should have home owner's insurance to protect you from liability. Your tenants should have renters insurance (not required) to protect them from them or damages.

Answer 8

You do need to tell your insurers and your premiumm may go up.

Answer 9

you need to make sure that the insurance agents know you are renting as this will put up your policy......

Answer 10

no just get contents as the owner should have buildings i found more than the cheapest and they also offered the best cover :)