What About Insurance?
Landlords and tenants should take care to review any existing
policies when renting or letting a property for the first time as
some standard insurance products will either not provide cover, or
might place restrictions on cover, for rented property and/or its
A failure to inform
your insurer that you are renting/letting a property could
invalidate any subsequent claim. It is for a landlord to insure the
building and his/her contents, fixtures and fittings.
The tenants are responsible for insuring any of their own
possessions. There are various specialist insurance products
designed for landlords and tenants and rented property: -
Buildings, Contents, Legal Expenses, Emergency Repair cover, Rental
Guarantee cover etc.
[After the 14th January 2005 it will be illegal for a letting
agent (or anyone else) to advise on or sell such general insurance
products unless they are authorised by the Financial Services
Authority (FSA), or, directly regulated by a broker registered with