Landlord Insurance  

Why it’s important for landlords who are renting out a house or apartment in Ireland to have house insurance. 

What is Landlord Insurance?  

Landlords' insurance protects your responsibilities as a landlord from risks associated with your rental property. It is designed to protect both the landlord’s property and financial position as well as the contents within the property that are in use by the tenant. If a tenant causes damage to your property, landlords’ insurance will cover you for loss of damage. Similarly, should a tenant fail to pay rental fees and a legal case arises, you should also be covered for subsequent legal fees. Landlord insurance protects both you and your tenant so you have peace of mind knowing that should an unforeseen event occur, Insuremyhouse.ie is here for assistance. 

Although you may already have home insurance, many landlords do not realize that they need a specific insurance policy when they are in an own-to-let situation. Some might assume that because they have home insurance they are covered if they decide to rent a house to tenants. However, as a landlord in Ireland you require a specific type of cover known as ‘landlords’ insurance’. If you are unsure as to what cover your currently hold on your property, we would advise contacting your insurance company to discuss any existing policies. 

 

What is covered with Landlord Insurance? 

Landlord insurance protects against various risks. Firstly, Landlord’s insurance will protect the landlord against damages to their property made by tenants. Additionally, it protects the Landlord’s contents from theft, loss of rent if a tenant fails to pay and finally, legal fees incurred if litigation should arise. 

 

Is it compulsory to have Landlord Insurance?  

Landlord insurance is not compulsory by law however it is recommended for a landlord to protect themselves against any risks associated with their rental property. If you’re renting an apartment or house and you don’t have landlords' insurance, it is certainly an option worth considering. 

Biggest areas of concern for a landlord? 

Being a landlord means trusting a tenant to take care of the home that you own. You are relying on the tenant to pay the agreed rental fee at the agreed time each month. Moreover, you also risk being liable for any accidents that happen on the property. It is in the landlord’s interest to protect their assets against damage, protect themselves in the case of loss of rent and ensure liability cover.  

At Insuremyhouse.ie we realize that there are many responsibilities for a landlord. That is why we encourage rental property owners to consider protecting their responsibilities with landlord insurance as it significantly reduces the risks associated with renting. 

 

Why should I invest in Landlord Insurance? 

Most homeowners automatically buy insurance to cover contents and the fabric of the building as soon as they purchase a property. However, landlords are often under the illusion that landlord insurance is not as necessary. Unfortunately, this is a mistake.  

 Renting your property comes with more risks than living in the property yourself. Insuring your rental property is vital and can save you money in the long run. 

 

How much does Landlord Insurance cost? 

The cost of the policy depends on many things, some of which include: the rebuild cost of the property, the property’s location, the value of contents, the number of tenants living in the property, the number of rental properties you wish to insure, among other things. 

At Insuremyhouse.ie we can put your mind at ease by providing fantastic cover for a fantastic price. Don’t take the risk, invest in landlord’s insurance.  

Contact us today for a quote.