Renting out home - insurance

R4hr4h

Hi all,

I am going to move in with my partner and am thinking of renting my house out privately. I've had a quick look at insurance and it's a bit overwhelming.

I would be able to get permission from my mortgage lender to rent it out and I wanted insurance that would cover for damage and any loss in rent if the tenants stopped paying and any legal fees to get rid of them. Does this kind of insurance exist?

I'd use an estate agent to rent and manage it as well. I'd like it to be easy and stress free.. Is this possible?

Any advice would be appreciated!

G_M

You need

* landlord's buildings insurance ( for fire etc)

* LL's contents insurance depends what you provide. If fully furnished, you probably want it. If unfurnished, probably not. Some LL's buildings policies include £5K of contents cover which is useful if you just leave carpets and white goods

* some LL's buildings insurance will pay to re-house your tenants if the property is uninhabitable due to an insured risk (fire etc). Check the policies

* rent protection insurance is optional, and separate. Shop aroun and read the polices carefully, they may require specific tenant veting processes, specific tenent catagories, and may exclude 1st onth rent, and limit the number of months they'll pay out on. Buy a policy to cover what you want.

Now read:


* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?