While you are not under legal obligation to obtain landlord insurance, your mortgage lender may require that you do so. Equally, your tenancy agreement may require certain responsibilities of you that are best served by an insurance agreement, especially if you want to avoid putting your financial future at risk.

Landlords insurance is designed for the protection of property owners who are renting to tenants. A tenant is a person or group who has a rental agreement in place allowing them to inhabit the property. The tenancy agreement will set out your responsibilities as a landlord and often will specify the requirements for you to have the correct insurance in place.

Landlord insurance protects you as the property owner from financial losses connected to the rental, such as theft, fire, or weather damage and can be extended to include coverage for things like unpaid rent and malicious damage by tenants. It can also cover property owners’ liability, legal cover and emergency assistance cover.