Home insurance vs. Landlord insurance: What’s the difference?

If you’re new to being a landlord, you might wonder why landlord insurance is necessary instead of your standard home insurance. At Bode, we’re here to clear things up!

Why Do I Need Landlord Insurance?

Owning a rental property is different from living in your own home. As a landlord, you don’t have the same day-to-day control over your property. Since you rely on tenants to inform you about issues, from leaky pipes to worn-out carpets, it’s harder to keep an eye on things. And tenants may not always prioritise maintenance like you would.

That’s where landlord insurance comes in—it’s designed specifically to protect you in situations a typical homeowner wouldn’t face.

Key Differences

Public Liability: While home insurance may include liability for things like a postman tripping, it won’t cover you if a tenant gets injured due to something like uneven flooring. Landlord insurance provides the necessary protection if a tenant files a claim against you.

Alternative Accommodation: Home insurance will help if you need to move out after something like a flood. But as a landlord, you need coverage that protects your tenants in these scenarios. Landlord insurance has you covered.

Loss of Rent: If your property becomes uninhabitable after a disaster like a fire, landlord insurance can replace your lost rental income. Home insurance doesn’t offer this benefit.

Malicious Damage: Standard home insurance may cover vandalism, but landlord insurance can also cover tenant-related damage, such as deliberate destruction of property or illegal activities.

Legal Expenses: While home insurance might help with legal issues as a homeowner, it won’t protect you if you need to take legal action against a tenant, like pursuing unpaid rent. Landlord insurance includes this type of legal coverage.

At Bode, we want to ensure you, and your property are fully protected. If you're renting out your home, landlord insurance is the way to go! Speak to one of our experts today.